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Macroeconomic Structure, Endogenous Technical Change and Growth

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  • You, Jong-Il

Abstract

This 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.

Suggested Citation

  • You, Jong-Il, 1994. "Macroeconomic Structure, Endogenous Technical Change and Growth," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 18(2), pages 213-234, April.
    • Handle: RePEc:oup:cambje:v:18:y:1994:i:2:p:213-34
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    Cited by:

    1. Gilberto Tadeu Lima, 2000. "Market concentration and technological innovation in a dynamic model of growth and distribution," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 447-475.
    2. Poganietz, Witold-Roger, 1997. "Vermindern Transferzahlungen Den Konflikt Zwischen Gewinnern Und Verlierern In Einer Sich Transformierenden Volkswirtschaft?," IAMO Discussion Papers 14902, Institute of Agricultural Development in Transition Economies (IAMO).
    3. Ha-Joon Chang & Ali Cheema & L. Mises, 2002. "Conditions For Successful Technology Policy In Developing Countries—Learning Rents, State Structures, And Institutions," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 11(4-5), pages 369-398.
    4. Olivier Allain, 2006. "La modération salariale : le point de vue des (néo-)kaleckiens," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196500, HAL.
    5. Stamegna, Marco, 2022. "A Kaleckian growth model of secular stagnation with induced innovation," MPRA Paper 113794, University Library of Munich, Germany.
    6. Fabio Hideki Ono & José Luis Oreiro, 2004. "Technological Progress, Income Distribution And Capacity Utilisation: A Computer Simulation-Based Analysis," Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] 085, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    7. K. Watanabe, 1997. "An endogenous growth model with endogenous money supply. Integration of post-Keynesian growth model," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 50(200), pages 89-120.
    8. Poganietz, Witold-Roger, 1997. "Vermindern Transferzahlungen den Konflikt zwischen Gewinnern und Verlierern in einer sich transformierenden Volkswirtschaft?," IAMO Discussion Papers 7, Leibniz Institute of Agricultural Development in Transition Economies (IAMO).
    9. Sangjun Jeong, 2017. "Biased Technical Change and Economic Growth: The Case of Korea, 1970–2013," Research in Political Economy, in: Return of Marxian Macro-Dynamics in East Asia, volume 32, pages 81-103, Emerald Group Publishing Limited.
    10. Hiroshi Nishi, 2012. "On the Short-run Relationship between the Income Distribution- and Finance-Growth Regimes," Discussion papers e-12-001, Graduate School of Economics Project Center, Kyoto University.
    11. 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 31st Brazilian Economics Meeting] b05, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    12. K. Watanabe, 1997. "An endogenous growth model with endogenous money supply. Integration of post-Keynesian growth model," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 50(200), pages 89-120.
    13. 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.
    14. Luciano Dias de Carvalho & José Luís Oreiro, 2006. "A Influência Do Progresso Tecnológico E Da Incerteza Num Modelo Macrodinâmico De Integração Teórica Pós-Keynesiana: Uma Abordagem Via Simulação Computacional," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 118, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    15. Hiroaki Sasaki, 2008. "Endogenous Technological Change and Distribution with Inter-Class Conflict: A Kaleckian Model of Growth," TERG Discussion Papers 237, Graduate School of Economics and Management, Tohoku University.
    16. Luciano Dias de Carvalho & José Luís Oreiro, 2006. "Uma Análise da Dinâmica da Taxa de Lucro, da Taxa de Juros e do Grau de Utilização da Capacidade Produtiva a partir de um Modelo Macrodinâmico Pós-keynesiano," Working Papers 0033, Universidade Federal do Paraná, Department of Economics.
    17. Ben Fine, 1998. "Endogenous Growth Theory: A Critical Assessment," Working Papers 80, Department of Economics, SOAS University of London, UK.
    18. Estrada, Fernando & Trujillo, Marlyn Tatiana & Pardo, Diego, 2018. "Política Fiscal, Ingresos y Desigualdad en Colombia (1990-2015) [Fiscal Policy, Income And Inequality In Colombia (1990-2015)]," MPRA Paper 88748, University Library of Munich, Germany.
    19. Marc Lavoie, 1996. "Traverse, Hysteresis, and Normal Rates of Capacity Utilization in Kaleckian Models of Growth and Distribution," Review of Radical Political Economics, Union for Radical Political Economics, vol. 28(4), pages 113-147, December.
    20. Köhler, Kasper, 2018. "The limits to profit-wage redistribution: Endogenous regime shifts in Kaleckian models of growth and distribution," IPE Working Papers 112/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    21. Gilberto Tadeu Lima, 2004. "Endogenous Technological Innovation, Capital Accumulation And Distributional Dynamics," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 386-408, November.

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