Public Expenditure Composition And Growth: A Neo-Kaleckian Analysis
AbstractIn this paper, we put forward a neo-Kaleckian model of growth and dsitribution. We introduce two different types of public expenditure: government consumption expenditure and public provision of capital; and we study the effects on equilibrium capacity utilisation and growth. Two different cases are explored: a) the government size is allowed to vary; b) the government size is fixed and only the composition of public expenditure changes. Our results depart from those drawn by the New Growth Theory. In fact, when capacity is underutilised, and increase in the provision of public capital may reduce the rate of growth, if not accompanied by a sufficient increase in demand.
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Bibliographic InfoArticle provided by L'Harmattan in its journal Cahiers d'économie Politique.
Volume (Year): (2011)
Issue (Month): 61 ()
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Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E25 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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