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The Neo-Pasinetti Theorem in Cambridge and Kaleckian Models of Growth and Distribution

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  • Marc Lavoie

    (University of Ottawa)

Abstract

Kaldor's neo-Pasinetti theorem is examined in an economy where the rate of profit adjusts to higher effective demand through increases in the rate of capacity utilization rather than through increases in the margin of profit. A Tobinian investment function, where investment responds to the valuation ratio, is then introduced along with Kaleckian elements, investment depending also on the rate of utilization. It is shown that in such a modified model, the Keynesian-Kaleckian results are quite robust.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume24/V24N4P417_434.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 24 (1998)
Issue (Month): 4 (Fall)
Pages: 417-434

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Handle: RePEc:eej:eeconj:v:24:y:1998:i:4:p:417-434

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Postal: c/o Dr. Alexandre Olbrecht, The Anisfield School of Business 205, Ramapo College, 505 Ramapo Valley Road, Ramapo, New Jersey 07430, USA
Phone: (201) 684-7346
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Web page: http://www.ramapo.edu/eea/journal.html
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Related research

Keywords: Distribution; Growth; Profits;

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Cited by:
  1. Eckhard Hein & Marc Lavoie & Till van Treeck, 2011. "Some instability puzzles in Kaleckian models of growth and distribution: a critical survey," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 35(3), pages 587-612.
  2. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Economics Working Paper Archive, Levy Economics Institute wp_302, Levy Economics Institute.
  3. Eckhard Hein, 2010. "Shareholder Value Orientation, Distribution And Growth-Short- And Medium-Run Effects In A Kaleckian Model," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 61(2), pages 302-332, 05.
  4. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

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