The rise of Rentier incomes in OECD countries: financialization, Central Bank policy and labor solidarity,
Abstract
Public attention to the power of finance and the attendant wealth that financiers are able to extract from society waxes and wanes over time, usually in conjunction with the actual evolution of the political power of finance and its associated incomes.
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The financial sector increasingly allocates resources towards unproductive activities, charging fees and interest.
“The financial sector increasingly allocates resources towards unproductive activities, charging fees and interest in the process”
From Mapping modern economic rents: the good, the bad, and the grey areas (2023) · cites this paper as Jayadev and Epstein, 2019
The main approach to identifying rents empirically in the literature has been to assume a priori that certain sectors are 'rentier sectors' and then track the growth of income or gross value added in such sectors over time as a proportion of GDP or in comparison with other sectors.
“The main approach to identifying rents empirically in the literature has been to assume a priori that certain sectors are 'rentier sectors' (finance, real estate and natural resource sectors being the preferred candidates) and then track the growth of income or gross value added in such sectors over time as a proportion of GDP or in comparison with other sectors of the economy”
From Mapping modern economic rents: the good, the bad, and the grey areas (2023) · cites this paper as Jayadev and Epstein, 2019
Since the early 1980s we have witnessed the resurrection of the rentier rather than his death.
“since the early 1980s we have witnessed the resurrection of the rentier rather than his death”
From Mapping modern economic rents: the good, the bad, and the grey areas (2023) · cites this paper as Jayadev and Epstein, 2019
Post-Keynesian economists have emphasised the growth of private debt (in particular mortgage credit) as a key source of income for financial rentiers enabled by deregulation and the shift towards consumer-price inflation targeting by central banks, alongside declining public investment.
“Post-Keynesian economists have emphasised the growth of private debt (in particular mortgage credit) as a key source of income for financial rentiers enabled by deregulation and the shift towards consumer-price inflation targeting by central banks, alongside declining public investment”
From Mapping modern economic rents: the good, the bad, and the grey areas (2023) · cites this paper as Jayadev and Epstein, 2019
Cited by
Sorted by citations
Mapping modern economic rents: the good, the bad, and the grey areas
Mazzucato, M., Ryan-Collins, J., & Gouzoulis, G. (2023) · Cambridge Journal of Economics · doi:10.1093/cje/bead013 · Cited by 54 · see citing works
- Authors
- Jayadev, A., & Epstein, G.
- ORCID
- Jayadev, Arjun
- Venue
- The Political Economy of Central Banking
- Publisher
- Edward Elgar Publishing
- Published
- 2019-08-30
- Pages
- 350-378
- OpenAlex
- W2280355868
- Cited by
- 139
- References
- 0
- Citations by year
- 2025: 3 · 2024: 2 · 2023: 8 · 2022: 1 · 2021: 6 · 2020: 5 · 2019: 9 · 2018: 10 · 2017: 1 · 2016: 4 · 2015: 5 · 2014: 12 · 2013: 16 · 2012: 13
- FWCI
- 35.32
- Type
- book chapter
- Language
- en
- Open access
- closed
- Locations
- Edward Elgar Publishing eBooks (publishedVersion)
- Chapters (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Economic Theory and Policy
- Social Sciences › Sociology and Political Science › Political Economy and Marxism
- Keywords
- financialization, central bank policy, worker solidarity, wealth extraction, OECD countries, income inequality
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