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Wealth and wealth distribution in the neo-Kaleckian growth model

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Author Info

  • Thomas I. Palley

Abstract

This 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 Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 34 (2012)
Issue (Month): 3 (April)
Pages: 453-474

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Handle: RePEc:mes:postke:v:34:y:2012:i:3:p:453-474

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: managerial pay; neo-Kaleckian growth theory; wealth distribution;

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Cited by:
  1. Mark Setterfield & Yun Kim, 2013. "Debt Servicing, Aggregate Consumption, and Growth," Working Papers 1316, Trinity College, Department of Economics.
  2. Yun Kim & Mark Setterfield & Yuan Mei, 2013. "A Theory of Aggregate Consumption," Working Papers 1301, Trinity College, Department of Economics.

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