Distribution, Demand and Growth in Neo-Kaleckian Macro-Models

Blecker, Robert A.

doi:10.4337/9781843765325.00017

Cited by 121 publications

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“…27 We are grateful to Nilufer Cagatay for this point. 28 See Blecker (2002) and Setterfield (2003) for excellent reviews of research in this area. 29 Evidence of a positive relationship between wages and investment can be found in a variety of contexts.…”

Section: Notesmentioning

confidence: 99%

Gender equity and globalization: macroeconomic policy for developing countries

Seguino

Grown

2006

J of Intl Development

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This paper reviews the evidence of gender effects of globalization in developing economies. It then outlines a set of macroeconomic and trade policies to promote gender equity in the distribution of resources. The evidence suggests that while liberalization has expanded women's access to employment, the long-term goal of transforming gender inequalities remains unmet and appears unattainable without regulation of capital, and a reorientation and expansion of the state's role in funding public goods and providing s a social safety net. This paper sets forth some general principles that can produce greater gender equality, premised on shifting economies from profit-led, export-oriented to wage-led, full-employment economies. The framework is Kaleckian in its focus on the relationship between the gender distribution of income and macroeconomic outcomes.

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Section: Notesmentioning

confidence: 99%

Gender equity and globalization: macroeconomic policy for developing countries

Seguino

Grown

2006

J of Intl Development

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“…However, this investment function is only loosely linked to Kalecki's work on the determinants of investment decisions. 7 And the basic Bhaduri/Marglin function has been criticized by some Kaleckians because of the assumed positive effect of the profit share on investment (Blecker 2002, Mott/Slattery 1994.…”

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confidence: 99%

Interest, Debt and Capital Accumulation—A Kaleckian Approach

Hein

2006

International Review of Applied Economics

102

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractIn the present paper we explicitly introduce interest payments and debt into a Kaleckian distribution and growth model with an investment function very close to Kalecki's original writings. The effects of interest rate variations on the short-run equilibrium values of capacity utilisation, capital accumulation and the rate of profit are derived, and the long run effects on the equilibrium debt-capital-ratio are also analysed. It is shown, that the effects of interest variations on the endogenously determined equilibrium values of the model do not only depend on the parameter values in the saving and investment functions but also on the interest elasticity of distribution and in some cases on initial conditions with respect to the interest rate and the debt-capital-ratio. If the conditions for short-run 'normal' effects of interest rate variations are given, the economy will be characterised by a long-run unstable debt-capitalratio and by the macroeconomic 'paradox of debt'. These results are similar to other models and hint to the robustness of Kaleckian 'monetary' models of distribution and growth with respect to the specification of the investment function.JEL-classification: E12, E22, E25, E44, O42

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“…This generates a positive economic effect due to the rise in consumption demand, emanating from workers. Note that a different specification of the investment function may change the stagnationist behaviour of an economy as shown in Badhuri and Marglin (1990) and Blecker (2002). Our main results are summarised in Table 1.…”

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confidence: 73%

Explaining persistent cycles in a short-run context: firms' propensity to invest and omnipotent shareholders

Charles

2010

Journal of Post Keynesian Economics

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Abstract:In this article, we develop a standard short-run Kaleckian macromodel. First, we study the stability of equilibrium and make some comparative static exercises. Then, we take into account different specifications for an endogenous propensity to invest and systematically analyze the short-run dynamics of the model. We show that when firms' managers adopt abnormal behaviours due to pressures from shareholders regarding the propensity to invest the system exhibits persistent cycles and chaotic trajectories. The analysis emphasizes that, even in the short-run, shareholders may generate instability which represents a serious threat that should not be underestimated for a capitalist economy.

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Distribution, Demand and Growth in Neo-Kaleckian Macro-Models

Cited by 121 publications

References 0 publications

Gender equity and globalization: macroeconomic policy for developing countries

Gender equity and globalization: macroeconomic policy for developing countries

Interest, Debt and Capital Accumulation—A Kaleckian Approach

Explaining persistent cycles in a short-run context: firms' propensity to invest and omnipotent shareholders

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