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A multi-sector version of the Post-Keynesian growth model

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  • Araujo, Ricardo Azevedo
  • Teixeira, Joanílio Rodolpho

Abstract

With this inquiry we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration it becomes possible to carry out the analysis initiated by Kaldor (1956) and Robinson (1956, 1962), and followed by Dutt (1984), Rowthorn (1982) and later Bhaduri and Marglin (1990) in a multi-sectoral model in which demand and productivity increase at different paces in each sector. By adopting this approach it is possible to show that the structural economic dynamics is conditioned not only to patterns of evolving demand and diffusion of technological progress but also to the distributive features of the economy, which can give rise to different regimes of economic growth. Besides, we find it possible to determine the natural rate of profit that makes the mark-up rate to be constant over time.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30331.

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Date of creation: 14 Apr 2011
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Handle: RePEc:pra:mprapa:30331

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Keywords: Post-Keynesian growth model; structural change; multi-sector models;

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  1. G. C. Harcourt, 2010. "Foreword to the Symposium," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 477-480.
  2. Blecker, Robert A, 1989. "International Competition, Income Distribution and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(3), pages 395-412, September.
  3. Halevi, Joseph, 1996. "The significance of the theory of vertically integrated processes for the problem of economic development," Structural Change and Economic Dynamics, Elsevier, vol. 7(2), pages 163-171, June.
  4. Anthony Philip Thirlwall, 1979. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 32(128), pages 45-53.
  5. Lavoie, M, 1995. "Pasinett's Vertically Hyper-Integrated Sectors and Natural Prices," Working Papers 9515e, University of Ottawa, Department of Economics.
  6. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
  7. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
  8. Eatwell, John, 1983. "The Long-Period Theory of Employment," Cambridge Journal of Economics, Oxford University Press, vol. 7(3-4), pages 269-85, September.
  9. Roberto Scazzieri, 1990. "Vertical Integration in Economic Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 13(1), pages 20-46, October.
  10. Engelbert Stockhammer, 1999. "Robinsonian and Kaleckian Growth. An Update on Post-Keynesian Growth Theories," Department of Economics Working Papers wuwp067, Vienna University of Economics, Department of Economics.
  11. Marc Lavoie, 2003. "Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 53-74.
  12. Luigi L. Pasinetti, 2005. "The Cambridge School of Keynesian Economics," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 837-848, November.
  13. Araujo, Ricardo Azevedo & Teixeira, Joanílio Rodolpho, 2002. "Structural Change and Decisions on Investment Allocation," MPRA Paper 53293, University Library of Munich, Germany.
  14. Dutt, Amitava Krishna, 1987. "Alternative Closures Again: A Comment on 'Growth, Distribution and Inflation.'," Cambridge Journal of Economics, Oxford University Press, vol. 11(1), pages 75-82, March.
  15. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 375-93, December.
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Cited by:
  1. Donald A. R. George (University of Edinburgh), 2013. "A two-sector growth model with institutional saving and investment," ESE Discussion Papers 214, Edinburgh School of Economics, University of Edinburgh.

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