A Goodwinian Model With Direct And Roundabout Returns To Scale (An Application To Italy)
AbstractThis paper re-formulates and tests statistically a hypothetical law (HL) of capital accumulation that manifests itself in three scenarios for Italian economy. HL refines Verdoorn law and 'Ricardian' relationship between employment and returns; it generalizes neoclassical and Goodwinian models. Big cycles are not sustainable in inertia Scenario I. Lowering direct diseconomy of scale does not alter a non-trivial stationary state in stabilization Scenario II. Weakening an inverse relation between employment ratio and growth rate of capital intensity raises stationary relative labour compensation without deteriorating profitability in stabilization Scenario III. Stationary states with zero relative labour compensation are not economically relevant. Copyright � 2008 The Author. Journal compilation � 2008 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Metroeconomica.
Volume (Year): 60 (2009)
Issue (Month): 3 (07)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386
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- Hiroaki SASAKI, 2009. "Cyclical Growth in a Goodwin-Kalecki-Marx Model," TERG Discussion Papers 246, Graduate School of Economics and Management, Tohoku University.
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