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Financialization in Kaleckian economies with and without labor constraints

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Author Info
Soon Ryoo () (University of Massachusetts, Amherst)
Peter Skott () (University of Massachusetts, Amherst)

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Abstract

Most Kaleckian models assume a perfectly elastic labor supply, an assumption that is questionable for many developed economies. This paper presents simple labor- constrained Kaleckian models and uses these models to compare the implications of financialization under labor-constrained and dual-economy conditions. The paper complements the analysis in Skott and Ryoo (2008) which did not include labor- constrained Kaleckian economies. We show that for plausible parameter values the financial changes commonly associated with financialization tend to be expansionary in both dual-economy and labor-constrained settings. JEL Categories: E12, E44

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series Working Papers with number 2008-05.

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Date of creation: Mar 2008
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Handle: RePEc:ums:papers:2008-05

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Related research
Keywords: financialization; stock-flow consistency; labor constraints; Kaleckian model.;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Thomas I. Palley, 2007. "Financialization What It Is and Why It Matters," Economics Working Paper Archive wp_525, Levy Economics Institute, The. [Downloadable!]
  2. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
  3. 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.
  4. Engelbert Stockhammer, 2004. "Financialisation and the slowdown of accumulation," Cambridge Journal of Economics, Oxford University Press, vol. 28(5), pages 719-741, September. [Downloadable!] (restricted)
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  5. repec:cup:cbooks:9780521066310 is not listed on IDEAS
  6. Peter Skott, . "Wage Formation and the (Non-)Existence of the NAIRU," Economics Working Papers 1998-16, School of Economics and Management, University of Aarhus. [Downloadable!]
  7. Skott, Peter, 2005. "Fairness as a source of hysteresis in employment and relative wages," Journal of Economic Behavior & Organization, Elsevier, vol. 57(3), pages 305-331, July. [Downloadable!] (restricted)
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  8. Claudio H. Dos Santos & Gennaro Zezza, 2007. "A Simplified 'Benchmark” Stock-flow Consistent (SFC) Post-Keynesian Growth Model," Economics Working Paper Archive wp_503, Levy Economics Institute, The. [Downloadable!]
  9. Dutt, Amitava Krishna, 1992. "Conflict inflation, distribution, cyclical accumulation and crises," European Journal of Political Economy, Elsevier, vol. 8(4), pages 579-597, December. [Downloadable!] (restricted)
  10. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
  11. Engelbert Stockhammer, 2006. "Shareholder value orientation and the investment-profit puzzle," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(2), pages 193-215, January. [Downloadable!] (restricted)
  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. [Downloadable!]
  13. Skott, P., 1990. "Efficiency Wages, Mark-Up Pricing And Effective Demand," Papers 9026, Tilburg - Center for Economic Research.
  14. Skott, Peter, 1981. "On the 'Kaldorian' Saving Function," Kyklos, Blackwell Publishing, vol. 34(4), pages 563-81.
  15. 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.
  16. Skott, Peter, 1989. "Effective Demand, Class Struggle and Cyclical Growth," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 30(1), pages 231-47, February. [Downloadable!] (restricted)
  17. Peter Flaschel & Peter Skott, 2006. "Steindlian Models Of Growth And Stagnation," Metroeconomica, Blackwell Publishing, vol. 57(3), pages 303-338, 07. [Downloadable!] (restricted)
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  18. Peter Skott & Soon Ryoo, 2007. "Macroeconomic implications of financialization," Working Papers 2007-08, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  2. Eckhard Hein & Till van Treeck, 2008. "'Financialisation' in Post-Keynesian models of distribution and growth - a systematic review," IMK Working Paper 10-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  3. Eckhard Hein, 2008. "Shareholder value orientation, distribution and growth – short- and medium-run effects in a Kaleckian model," Department of Economics Working Papers wuwp120, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
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