Wealth and wealth distribution in the neo-Kaleckian growth model
AbstractThis paper explores the implications of wealth distribution for neo-Kaleckian growth theory. Incorporating wealth distribution as an endogenous variable provides a theoretical framework that unifies Cambridge, neo-Ricardian, and neo-Kaleckian growth theory. The model expands on Dutt (1990) by introducing a richer description of capital accumulation and a consumption wealth effect. This introduces concerns regarding wage- and profit-led economies that change the comparative static properties. In addition, the paper introduces managerial pay, multiple asset classes, and multiple classes of wealth holders. Introducing managerial pay undoes Pasinetti's (1962) theorem regarding the irrelevance of worker saving behavior for income distribution and growth.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 34 (2012)
Issue (Month): 3 (April)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
managerial pay; neo-Kaleckian growth theory; wealth distribution;
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- Mark Setterfield & Yun Kim, 2013. "Debt Servicing, Aggregate Consumption, and Growth," Working Papers 1316, Trinity College, Department of Economics.
- Yun Kim & Mark Setterfield & Yuan Mei, 2013.
"A Theory of Aggregate Consumption,"
1301, Trinity College, Department of Economics.
- Yun K. Kim & Mark Setterfield & Yuan Mei, 2014. "A theory of aggregate consumption," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 11(1), pages 31-49, April.
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