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Macroeconomic and Technological Dynamics: a Structuralist-Keynesian Cumulative Growth Model

Author

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  • Giulio Guarini

    (University of Tuscia in Viterbo)

Abstract

The aim of this paper is to build a Structuralist-Keynesian cumulative growth model driven by the dynamic interaction between demand regime and productivity regime. The model specifies the role of labour productivity and unit labour cost in the macroeconomic and technological dynamics. The results show that the effect of the unit labour cost dynamics on economic growth depends upon the rate of market competition, innovation process and the distributional effects on aggregate demand. Finally, through an econometric analysis with System GMM and Difference GMM Dynamic Panel Models, are empirically verified the main relationships of the model for the European countries in the period 1992-2012.

Suggested Citation

  • Giulio Guarini, 2016. "Macroeconomic and Technological Dynamics: a Structuralist-Keynesian Cumulative Growth Model," PSL Quarterly Review, Economia civile, vol. 69(276), pages 49-75.
    • Handle: RePEc:psl:pslqrr:2016:2
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/13276/13078
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    References listed on IDEAS

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    Cited by:

    1. Diogo Correia & Ricardo Barradas, 2021. "Financialisation and the slowdown of labour productivity in Portugal: A Post-Keynesian approach," PSL Quarterly Review, Economia civile, vol. 74(299), pages 325-346.
    2. Ricardo Barradas, 2023. "Why Has Labor Productivity Slowed Down in the Era of Financialization?: Insights from the Post-Keynesians for the European Union Countries," Review of Radical Political Economics, Union for Radical Political Economics, vol. 55(3), pages 390-422, September.
    3. Trofimov, Ivan D., 2022. "Determinants of the profit rates in the OECD economies: A panel data analysis of the Kalecki's profit equation," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 380-397.

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    More about this item

    Keywords

    cumulative growth; labour productivity; Kaldor law;
    All these keywords.

    JEL classification:

    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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