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Decisions on investment allocation in the post-Keynesian growth models

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  • Araujo, Ricardo Azevedo
  • Teixeira, Joanílio Rodolpho

Abstract

In this article the analysis developed by Feldman (1928) and Mahalanobis (1953) are incorporated to the Post-Keynesian Growth Model to consider the decisions of investment allocation on economic growth. By adopting this approach it is possible to study the interaction between distributive features and investment allocation which allows us to determine the rate of investment allocation according to the equilibrium decisions of investment and savings. Finally, an additional condition is added to the Post Keynesian Growth Model in order to fully characterise the equilibrium path in an extended version of this framework, where capital goods are also needed to produce capital goods.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33639.

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Date of creation: Sep 2011
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Handle: RePEc:pra:mprapa:33639

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

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  1. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 14(4), pages 375-93, December.
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  3. Roberto Scazzieri, 1990. "Vertical Integration in Economic Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 13(1), pages 20-46, October.
  4. 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.
  5. Dutt, Amitava Krishna, 1987. "Alternative Closures Again: A Comment on 'Growth, Distribution and Inflation.'," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 11(1), pages 75-82, March.
  6. Marc Lavoie, 2003. "Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 15(1), pages 53-74.
  7. Lavoie, M, 1995. "Pasinett's Vertically Hyper-Integrated Sectors and Natural Prices," Working Papers, University of Ottawa, Department of Economics 9515e, University of Ottawa, Department of Economics.
  8. Luigi L. Pasinetti, 2005. "The Cambridge School of Keynesian Economics," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 29(6), pages 837-848, November.
  9. Halevi, Joseph, 1996. "The significance of the theory of vertically integrated processes for the problem of economic development," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 7(2), pages 163-171, June.
  10. Weitzman, Martin L, 1971. "Shiftable Versus Non-Shiftable Capital: A Synthesis," Econometrica, Econometric Society, Econometric Society, vol. 39(3), pages 511-29, May.
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