Date of Award
Markus P. Schneider, Ph.D.
Chicago, Competition, Concentration, Distribution, Kalecki, Monopoly
The purpose of this paper is to identify the role that long-run industry concentration plays in determining the distribution of income, particularly in the past four decades in the United States, as well as examining how industry concentration has developed during that period. The paper is especially focused on the fall in labor’s share of income. First, I examine current literature regarding trends in industry concentration and its relation to the distribution of income. Next, I examine the historical impact of the Chicago School of Economics on this subject, focusing on the school of thought’s propositions regarding industry concentration, their anti-regulation bent more generally, and their impact on industry concentration throughout the past four decades, especially in the United States judiciary. Finally, I propose an alternative, post-Keynesian theoretical framework to the neoclassical, micro-foundations-driven one used by the Chicago School and other mainstream economists: a theory of concentration and distribution in the tradition of Michal Kalecki and Josef Steindl, which I argue is a much more realistic and descriptive way of thinking about the issues of competition and concentration in industry and their relation to the distribution of income
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Dobbs, Henry Aaron, "Contrasting Chicago School and Kaleckian Theories: Industrial Organization, Income Distribution, and Historical Policy Significance in the United States" (2019). Electronic Theses and Dissertations. 1654.
Received from ProQuest
Henry Aaron Dobbs
Economics, Economic theory