Thomas Michl
Biographic Data
| ID | 5580698 |
|---|---|
| NAME | Thomas Michl |
| GIVEN NAMES | Thomas |
| FAMILY NAME | Michl |
| SIGNATURE | MICHL T |
| AFFILIATIONS | Colgate University |
| ORCID | 0009-0000-6390-8014 |
| VERIFIED | No |
| TOTAL WORKS | 10 |
| TOTAL CITATIONS | 1 |
| WORKS AS AUTHOR | 10 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 1985 |
| LATEST PUBLICATION YEAR | 2021 |
| H-INDEX | 1 |
Notes on Covid-19, Potential GDP, and Hysteresis
This note provides a model framework for thinking about stabilization policies in the presence of hysteresis after a negative shock like the Covid-19 pandemic. Headline measures of so-called potential GDP published by the Congressional Budget Office represent only one of many possible inflation- neutral trajectories for output. The term potential GDP is misleading since potential implies a unique limit on output. It is much more accurate to consi…
Capitalists, Workers and Thomas Piketty's Capital in the 21st Century
This paper interprets Piketty's influential work through the lens of structuralist macroeconomic theory, which is a synthesis of the classical, Marxian and Keynesian traditions. It shows that Piketty's key inequality, (the rate of profit is greater than the rate of growth) measures the influence of capitalist consumption on capital accumulation in the context of a growth model with capitalists and workers in the tradition of Nicholas Kaldor and L…
Rentier Consumption and Neoliberal Capitalism
This article puts forward a theoretical model and some empirical evidence arguing that a central contradiction of neoliberal capitalism arises from changes in financial structure and corporate governance that have simultaneously effected a massive redistribution of income from workers toward corporate profits and the incomes of C-level executives while diverting corporate managers from the forms of real investment spending that could potentially …
Finance as a Class
Thomas Michl on Gérard Duménil and Dominique Lévy, The Crisis of Neoliberalism. Analytical long view of the Great Recession, seeing its origins in the stranglehold of finance and elite self-enrichment
Discounting Nordhaus
This paper evaluates Nordhaus's neoclassical complaints about the Stern Review from the vantage point of classical growth theory. Nordhaus criticizes the Stern Review because it uses a discount rate that is well below the market rate of return on capital. From the perspective of classical growth theory, Nordhaus's belief in choosing preference parameters for the social planner based on observed market rates of return is equivalent to assigning th…
Capitalists, Workers, and Fiscal Policy
Capitalists, workers, and the burden of debt
This paper analyzes the burden of debt in a growth model that combines overlapping generations of workers who save for life-cycle reasons and dynastic agents who save for bequest reasons (‘capitalists’). Ricardian Equivalence prevails, but capitalists regard the debt serviced out of taxes on workers as net wealth. In the long run, the Cambridge Theorem holds: the relationship between the rate of profit and rate of growth is determined by the capi…
The Dark Side of Budget Deficits
Review of How Real is the Federal Deficit? By Robert Eisner.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website
The Productivity Slowdown and the Elasticity of Demand for Labor
The Crisis of U.S. Trade Unions
Review of What Do Unions Do? by Richard B. Freeman and James L. Medoff.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website
Capitalists, workers, and the burden of debt
This paper analyzes the burden of debt in a growth model that combines overlapping generations of workers who save for life-cycle reasons and dynastic agents who save for bequest reasons (‘capitalists’). Ricardian Equivalence prevails, but capitalists regard the debt serviced out of taxes on workers as net wealth. In the long run, the Cambridge Theorem holds: the relationship between the rate of profit and rate of growth is determined by the capi…
The Crisis of U.S. Trade Unions
Review of What Do Unions Do? by Richard B. Freeman and James L. Medoff.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website
The Productivity Slowdown and the Elasticity of Demand for Labor
The Dark Side of Budget Deficits
Review of How Real is the Federal Deficit? By Robert Eisner.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website
Capitalists, workers, and the burden of debt
This paper analyzes the burden of debt in a growth model that combines overlapping generations of workers who save for life-cycle reasons and dynastic agents who save for bequest reasons (‘capitalists’). Ricardian Equivalence prevails, but capitalists regard the debt serviced out of taxes on workers as net wealth. In the long run, the Cambridge Theorem holds: the relationship between the rate of profit and rate of growth is determined by the capi…
Capitalists, Workers, and Fiscal Policy
Discounting Nordhaus
This paper evaluates Nordhaus's neoclassical complaints about the Stern Review from the vantage point of classical growth theory. Nordhaus criticizes the Stern Review because it uses a discount rate that is well below the market rate of return on capital. From the perspective of classical growth theory, Nordhaus's belief in choosing preference parameters for the social planner based on observed market rates of return is equivalent to assigning th…
Finance as a Class
Thomas Michl on Gérard Duménil and Dominique Lévy, The Crisis of Neoliberalism. Analytical long view of the Great Recession, seeing its origins in the stranglehold of finance and elite self-enrichment
Capitalists, Workers and Thomas Piketty's Capital in the 21st Century
This paper interprets Piketty's influential work through the lens of structuralist macroeconomic theory, which is a synthesis of the classical, Marxian and Keynesian traditions. It shows that Piketty's key inequality, (the rate of profit is greater than the rate of growth) measures the influence of capitalist consumption on capital accumulation in the context of a growth model with capitalists and workers in the tradition of Nicholas Kaldor and L…
Rentier Consumption and Neoliberal Capitalism
This article puts forward a theoretical model and some empirical evidence arguing that a central contradiction of neoliberal capitalism arises from changes in financial structure and corporate governance that have simultaneously effected a massive redistribution of income from workers toward corporate profits and the incomes of C-level executives while diverting corporate managers from the forms of real investment spending that could potentially …
Notes on Covid-19, Potential GDP, and Hysteresis
This note provides a model framework for thinking about stabilization policies in the presence of hysteresis after a negative shock like the Covid-19 pandemic. Headline measures of so-called potential GDP published by the Congressional Budget Office represent only one of many possible inflation- neutral trajectories for output. The term potential GDP is misleading since potential implies a unique limit on output. It is much more accurate to consi…
Economic Theory and Policy (7 works) · Economics (7 works) · Political Economy and Marxism (5 works) · Keynesian economics (4 works) · Macroeconomics (4 works) · Housing, Finance, and Neoliberalism (3 works) · Labour economics (3 works) · Neoclassical economics (3 works) · Sociology (3 works) · Capitalism (2 works)