ABSTRACT
This chapter observes the existence of “stagflation”, the coexistence of stagnation and even of unemployment and inflation. Being an empty emission, excess demand is necessary for the clearing of profit-goods. The core produces wage incomes and non-wage incomes, dividend-profits. However, the share of the dividends reaches its limit when it extends in any period to half the product of the core. If workers produce only wage-goods on even days, they provide themselves with the “wage fund” enabling them to produce only dividend-goods on odd days. Once dividends extend every day to half the products of the core, it is therefore impossible to increase them, whatever the needs for remuneration related to the continued overaccumulation of capital.
