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La demanda agregada y la distribución del ingreso: Un estudio a partir de los modelos de crecimiento kaleckianos
[Aggregate Demand and Income Distribution: A Kaleckian Growth Model Approach]

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  • Loaiza Quintero, O.L.

Abstract

The aim of this paper is to study the mechanisms through which aggregate demand and income distribution affect the rate of growth, in a post-keynesian framework rooted in the works of Michal Kalecki. Thus, this paper addresses some issues that are put aside by neoclassical theory, which focuses on supply side phenomena to explain growth. The Say’s law refusal implied by the framework employed allows to determine the influence that demand exerts on economic growth, which also depends upon the sensibility of saving and investment decisions to changes in the income shares of workers and capitalists.

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File URL: http://mpra.ub.uni-muenchen.de/42667/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42667.

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Date of creation: 03 May 2011
Date of revision: 01 Apr 2011
Handle: RePEc:pra:mprapa:42667

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Keywords: Economic Growth; demand; neoclassical theory; post-keynesian theory; Say’s law; income distribution;

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  1. Eckhard Hein, 2007. "Interest Rate, Debt, Distribution And Capital Accumulation In A Post-Kaleckian Model," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 58(2), pages 310-339, 05.
  2. Eckhard Hein & Artur Tarassow, 2010. "Distribution, aggregate demand and productivity growth: theory and empirical results for six OECD countries based on a post-Kaleckian model," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 34(4), pages 727-754.
  3. Engelbert Stockhammer, 2000. "Is There an Equilibrium Rate of Unemployment in the Long Run?," Working Papers, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness geewp10, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
  4. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  5. Lavoie, M., 1993. "Interest Rates in Post-Keynesian Models of Growth and Distribution," Working Papers, University of Ottawa, Department of Economics 9314e, University of Ottawa, Department of Economics.
  6. Eckhard Hein & Lena Vogel, 2008. "Distribution and growth reconsidered: empirical results for six OECD countries," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 32(3), pages 479-511, May.
  7. 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.
  8. 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.
  9. Engelbert Stockhammer & Özlem Onaran & Stefan Ederer, 2007. "Functional income distribution and aggregate demand in the Euro-area," Department of Economics Working Papers wuwp102, Vienna University of Economics, Department of Economics.
  10. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  11. Sawyer, Malcolm, 2001. "Kalecki on Imperfect Competition, Inflation and Money: Review Article," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 25(2), pages 245-61, March.
  12. Eckhard Hein & Till van Treeck, 2007. "'Financialisation' in Kaleckian/Post-Kaleckian models of distribution and growth," IMK Working Paper 07-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  13. Mark Setterfield, 2003. "Supply and Demand in the Theory of Long-run Growth: Introduction to a symposium on demand-led growth," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 15(1), pages 23-32.
  14. 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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