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A note on "zero growth and structural change in a post Keynesian growth model"

Author

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  • Antoine Monserand

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract

This note is a critique of the results found by Rosenbaum concerning zero growth and structural change in a post-Keynesian growth model, some of which are shown to be problematic. First, the (im)possibility for a neo-Kaleckian model of growth and distribution to generate a profit-led growth regime is discussed. Next, we review the role played by the "paradox of costs" when introducing the depreciation of capital and how this changes the stability characteristics of the model presented by Rosenbaum. Finally we show that, contrary to what is claimed in the article, the proposed model is not able to show that zero growth is compatible with a positive net rate of profit.

Suggested Citation

  • Antoine Monserand, 2020. "A note on "zero growth and structural change in a post Keynesian growth model"," Post-Print hal-02453306, HAL.
    • Handle: RePEc:hal:journl:hal-02453306
    DOI: 10.1080/01603477.2019.1683866
    Note: View the original document on HAL open archive server: https://hal.science/hal-02453306
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    Cited by:

    1. Eckhard Hein & Valeria Jimenez, 2022. "The macroeconomic implications of zero growth: a post-Keynesian approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 19(1), pages 41-60, April.

    More about this item

    Keywords

    Zero growth; Kaleckian; Stability; Wage-led/Profit-led; Profit rate;
    All these keywords.

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