Macroeconomic Structure, Endogenous Technical Change and Growth
AbstractThis paper shows the relevance of the macroeconomic structure that governs short-term changes in aggregate demand and income distribution in the determination of long-term growth rates. It develops a new growth model by introducing endogenous technical change into a Keynesian/Marxist synthesis model of accumulation and distribution. This model has multiple equilibria--a high-growth equilibrium that is stable if rising wage share leads to an increase in investment and real wages are somewhat rigid and a low-growth equilibrium that is stable under opposite circumstances. Based on this result, the paper discusses how institutions and history matter in long-term growth. Copyright 1994 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Cambridge Journal of Economics.
Volume (Year): 18 (1994)
Issue (Month): 2 (April)
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- Hiroaki Sasaki, 2008. "Endogenous Technological Change and Distribution with Inter-Class Conflict: A Kaleckian Model of Growth," Tohoku Economics Research Group 237, Graduate School of Economics and Management, Faculty of Economics, Tohoku University.
- Sasaki, Hiroaki, 2010. "Endogenous technological change, income distribution, and unemployment with inter-class conflict," Structural Change and Economic Dynamics, Elsevier, vol. 21(2), pages 123-134, May.
- Gilberto Tadeu Lima, 2003. "A Non-linear Development Dynamics of Capital Accumulation, Distribution and Technological Innovation," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] b05, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Olivier Allain, 2006. "La modération salariale : le point de vue des (néo-)kaleckiens," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00196500, HAL.
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