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Technical progress and maturity in a Kaleckian model of growth with an endogenous employment rate

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  • Taro, Abe
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    Abstract

    We develop a Kaleckian model of growth with an endogenous employment rate and investigate the features following Cassetti(2003) which has considered bargaining power of workers and firms and technical progress. We assume that both of the target wage share and the technical progress depend on the rate of change of employment rate, and they become zero in steady state. We also assume that capital accumulation is a decreasing function in employment to consider maturity which defines the present capitalism society. From the above refinements, we get results different from Cassetti(2003). An increase in the saving rate does not make the growth rate decrease, but the utilization decrease. In addition to that, an increase in the rate of labor productivity exerts a positive impact on growth.

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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37308.

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    Date of creation: Jan 2012
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    Handle: RePEc:pra:mprapa:37308

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    Keywords: Income distribution; Bargaining; Growth; Technical progress; maturity;

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    1. Amitava Krishna Dutt, 2006. "Aggregate Demand, Aggregate Supply and Economic Growth," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 319-336.
    2. Peter Skott, Ben Zipperer, 2010. "An empirical evaluation of three post Keynesian models," UMASS Amherst Economics Working Papers 2010-08, University of Massachusetts Amherst, Department of Economics.
    3. Peter Skott & Peter Flaschel, 2004. "Steindlian Models of Growth and Stagnation," UMASS Amherst Economics Working Papers 2004-11, University of Massachusetts Amherst, Department of Economics.
    4. Peter Skott, 2008. "Theoretical and empirical shortcomings of the Kaleckian investment function," UMASS Amherst Economics Working Papers 2008-11, University of Massachusetts Amherst, Department of Economics, revised Dec 2009.
    5. Marglin, Stephen A, 1984. "Growth, Distribution, and Inflation: A Centennial Synthesis," Cambridge Journal of Economics, Oxford University Press, vol. 8(2), pages 115-44, June.
    6. Peter Skott, 2011. "Heterodox macro after the crisis," UMASS Amherst Economics Working Papers 2011-23, University of Massachusetts Amherst, Department of Economics.
    7. Dutt, Amitava Krishna, 1992. "Conflict inflation, distribution, cyclical accumulation and crises," European Journal of Political Economy, Elsevier, vol. 8(4), pages 579-597, December.
    8. Mario Cassetti, 2003. "Bargaining power, effective demand and technical progress: a Kaleckian model of growth," Cambridge Journal of Economics, Oxford University Press, vol. 27(3), pages 449-464, May.
    9. 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.
    10. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
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