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- Publisher
- SAGE
- Copyright
- © 2012 SAGE Publications
- ISSN
- 2277-9787
- eISSN
- 2321-0273
- DOI
- 10.1177/227797871200100103
- Publisher site
- See Article on Publisher Site
Abstract
The distinction between costs and prices aggregates into the conflict between wages and profits in a macro-accounting framework. We exploit the Godley and Lavoie (2007) framework to derive a dynamical system in the variables. Deflation in at least one price is both necessary and sufficient for stability of the system.
Journal
South Asian Journal of Macroeconomics and Public Finance – SAGE
Published: Jun 1, 2012