Le profit sans l'accumulation: la recette du capitalisme gouverné par la finance
In a capitalist economy where profits are fully saved and wages fully spent in consumption goods, Kalecki’s law asserts that the rate of profit is equal to the rate of capital accumulation. The divorce between these two variables, as observed during the last twenty years in the US as well as in France, raises in this framework a puzzle. We show that the spectacular augmentation of profit distribution partly provides an account of this, at a theoretical level. We give further indications as to how new corporate governance and the institution of stockholders renewed power have taken part in this phenomena.
Financialisation in a comparative static, stock-flow consistent Post-Kaleckian distribution and growth model
Into an analytical stock-flow consistent postkaleckian distribution and growth model the following transmission channels of ‘financialisaton’ are integrated. 1. ‘Financialisation’ is assumed to affect distribution between firms and rentiers in the short run, and distribution between capital and labour through a dividend-elastic mark-up in firms’ price setting in the medium run. 2. Firms’ investment is affected through a ‘management’s preference channel’ and an ‘internal means of finance channel’. 3. Consumption is influenced via distribution of dividends in the short run and via a reduction in the labour income share in the medium run. In the model the total effect of ‘financialisation’ is derived, the development of firms’ outside finance-capital ratio is endogenised, and the medium-run stability and viability of the financial structure and of capital accumulation is checked.
Fluid to liquid membrane energy exchanger for simultaneous liquid desiccant regeneration and desalination applications–Theoretical and experimental analyses
Abstract In this paper, a thermal model developed for assessing the performance of the fluid to liquid membrane energy exchanger based liquid desiccant regenerator is presented. The model was validated with the experimental data and found accurate. Using the experimental inlet conditions reported in the literature for the structured packing chamber, the performance of the fluid to liquid membrane energy exchanger based liquid desiccant regenerator was theoretically predicted choosing water and air as working fluids and Lithium Chloride as a liquid desiccant. Further, studied the influence of inlet parameters such as working fluid and desiccant inlet temperature’s, hot liquid desiccant to cold working fluid ratio and desiccant concentration on vapour absorption rate. From this analysis, it is observed that membrane based liquid desiccant regenerator using water as a working fluid is best suitable for converting the weak desiccant into strong desiccant and for generating the pure water simultaneously (co-generation process). An experimental investigation was carried out for assessing the energy exchange process across the membrane based liquid desiccant regenerator using water as a working fluid. From the experimental analysis, it was found that desiccant temperature has a significant impact on the energy exchange process. The pressure drop across the membrane based liquid desiccant regenerator was also measured at different desiccant flow rates and concentration.