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Profit-Rate Equalization in the Kalecki-Steindl Model and the "Over-Determination" Problem

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  • Dutt, Amitava Krishna

Abstract

This note points out that the 'overdetermination' problem discovered by M.-S. Park in Kalecki-Steindl (KS) models is not a problem intrinsic to KS models and can easily be removed if one introduces a mechanism involving classical competition into them. The solution to the problem suggested by Park using a moving average interpretation is, therefore, unnecessary and it also does not provide an adequate solution to the overdetermination problem. However, the interpretation does serve to clarify the meaning of long-run equilibria in KS models. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 65 (1997)
Issue (Month): 4 (September)
Pages: 443-51

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Handle: RePEc:bla:manch2:v:65:y:1997:i:4:p:443-51

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Cited by:
  1. Mariolis, Theodore, 2007. "Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity," MPRA Paper 24042, University Library of Munich, Germany.

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