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A note on the long-run behaviour of Kaleckian models

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  • Mario Cassetti
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    Abstract

    This paper discusses the mechanisms that drive Kaleckian models towards their long-run equilibria. After an exposition of a recent version of the Kaleckian model and of its medium-run solution, we show that the utilization and profit rates may converge endogenously toward their normal values. The model's stability conditions and the possibility of hysteresis effects are then discussed. It turns out that the main Kaleckian results can be extended to the long run.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915683
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

    Volume (Year): 18 (2006)
    Issue (Month): 4 ()
    Pages: 497-508

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    Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:497-508

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    1. Jose Antonio Cordero, 2002. "A Model of Growth and Conflict Inflation for a Small Open Economy," Metroeconomica, Wiley Blackwell, vol. 53(3), pages 261-289, 08.
    2. Cornwall,John & Cornwall,Wendy, 2001. "Capitalist Development in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521341493.
    3. Thomas Palley, 1998. "Macroeconomics with Conflict and Income Distribution," Review of Political Economy, Taylor & Francis Journals, vol. 10(3), pages 329-342.
    4. Lavoie, Marc, 1995. "The Kaleckian Model of Growth and Distribution and Its Neo-Ricardian and Neo-Marxian Critiques," Cambridge Journal of Economics, Oxford University Press, vol. 19(6), pages 789-818, December.
    5. Dutt, Amitava Krishna, 1992. "Conflict inflation, distribution, cyclical accumulation and crises," European Journal of Political Economy, Elsevier, vol. 8(4), pages 579-597, December.
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    Cited by:
    1. 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.
    2. Hiroaki Sasaki, 2011. "Is the Long-run Equilibrium Wage-led or Profit-led? A Kaleckian Approach," Discussion papers e-11-002, Graduate School of Economics Project Center, Kyoto University.
    3. Hiroaki SASAKI, 2009. "Cyclical Growth in a Goodwin-Kalecki-Marx Model," TERG Discussion Papers 246, Graduate School of Economics and Management, Tohoku University.
    4. Eckhard Hein & Marc Lavoie & Till van Treeck, 2008. "Some instability puzzles in Kaleckian models of growth and distribution: A critical survey," IMK Working Paper 19-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    5. Olivier Allain & Nicolas Canry, 2008. "Growth, Capital Scrapping, and the Rate of Capacity Utilisation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00355932, HAL.
    6. 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.
    7. Sasaki, Hiroaki, 2012. "Is the long-run equilibrium wage-led or profit-led? A Kaleckian approach," Structural Change and Economic Dynamics, Elsevier, vol. 23(3), pages 231-244.

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