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Endogenous Technological Change and Distribution with Inter-Class Conflict: A Kaleckian Model of Growth

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  • Hiroaki Sasaki
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    Abstract

    This paper presents a Kaleckian model of growth in which both technological change and income distribution are endogenously determined by inter-class conflict between capitalists and workers. Considering the adjustment speed of variables, we investigate the medium-run equilibrium and the long-run equilibrium. In the medium run, the rate of capital accumulation and the profit share are adjusted to the medium-run equilibrium. In the long run, the normal planned rate of capacity utilization and the growth rate of labor productivity are adjusted to the long-run equilibrium. In the analysis, two alternative investment functions are used: a Kalecki type investment function and a Marglin and Bhaduri (1990) type investment function. We show that different results are obtained both in the medium run and in the long run depending on which investment function is used.

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    File URL: http://hdl.handle.net/10097/55390
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    File URL: http://ir.library.tohoku.ac.jp/re/bitstream/10097/55390/1/terg237.pdf
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    Bibliographic Info

    Paper provided by Graduate School of Economics and Management, Tohoku University in its series TERG Discussion Papers with number 237.

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    Length: 26 pages
    Date of creation: Aug 2008
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    Handle: RePEc:toh:tergaa:237

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    1. Lavoie, Marc, 1995. "The Kaleckian Model of Growth and Distribution and Its Neo-Ricardian and Neo-Marxian Critiques," Cambridge Journal of Economics, Oxford University Press, vol. 19(6), pages 789-818, December.
    2. Gilberto Tadeu Lima, 2004. "Endogenous Technological Innovation, Capital Accumulation And Distributional Dynamics," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 386-408, November.
    3. Engelbert Stockhammer, 2000. "Is There an Equilibrium Rate of Unemployment in the Long Run?," Working Papers geewp10, Vienna University of Economics Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
    4. 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.
    5. You, Jong-Il, 1994. "Macroeconomic Structure, Endogenous Technical Change and Growth," Cambridge Journal of Economics, Oxford University Press, vol. 18(2), pages 213-34, April.
    6. Mario Cassetti, 2006. "A note on the long-run behaviour of Kaleckian models," Review of Political Economy, Taylor & Francis Journals, vol. 18(4), pages 497-508.
    7. Amit Bhaduri, 2006. "Endogenous economic growth: a new approach," Cambridge Journal of Economics, Oxford University Press, vol. 30(1), pages 69-83, January.
    8. Stockhammer, Engelbert & Onaran, Ozlem, 2004. "Accumulation, distribution and employment: a structural VAR approach to a Kaleckian macro model," Structural Change and Economic Dynamics, Elsevier, vol. 15(4), pages 421-447, December.
    9. Srinivas Raghavendra, 2006. "Limits to Investment Exhilarationism," Journal of Economics, Springer, vol. 87(3), pages 257-280, 04.
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