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Theoretical and empirical shortcomings of the Kaleckian investment function

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Peter Skott () (University of Massachusetts, Amherst)

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Abstract

The specification of the accumulation function is critical for the properties and implications of structuralist and post-Keynesian models. A large Kaleckian literat- ure assumes that investment is relatively insensitive to variations in the utilization rate of capital, and this extension of a standard short-run "Keynesian stability con- dition" to the long run has been defended by Lavoie and Dutt, among others. This paper examines the theoretical and empirical arguments for and against a Kaleckian specification. JEL Categories: E12, E32

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Paper provided by University of Massachusetts Amherst, Department of Economics in its series Working Papers with number 2008-11.

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Date of creation: Aug 2008
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Handle: RePEc:ums:papers:2008-11

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Keywords: Kalecki; Harrod; investment function; stability; post keynesian theory; utilization rate; excess capacity;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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. Matthew D. Shapiro, 1989. "Assessing the Federal Reserve's Measures of Capacity and Utilization," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(1989-1), pages 181-242. [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. Marc Lavoie & Gabriel Rodríguez & Mario Seccareccia, 2004. "Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation," International Review of Applied Economics, Taylor and Francis Journals, vol. 18(2), pages 127-149, April. [Downloadable!] (restricted)
  4. 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 and B.A., Department of Economics. [Downloadable!]
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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. Park, Man-Seop, 1997. "Accumulation, Capacity Utilisation and Distribution," Contributions to Political Economy, Oxford University Press, vol. 16(0), pages 87-101.
  8. 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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  9. Blanchard, Olivier J. & Summers, Lawrence H., 1987. "Hysteresis in unemployment," European Economic Review, Elsevier, vol. 31(1-2), pages 288-295. [Downloadable!] (restricted)
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  10. Claudio H. Dos Santos & Gennaro Zezza, 2008. "A Simplified, 'Benchmark', Stock-Flow Consistent Post-Keynesian Growth Model," Metroeconomica, Blackwell Publishing, vol. 59(3), pages 441-478, 07. [Downloadable!] (restricted)
  11. Blecker, Robert A, 1989. "International Competition, Income Distribution and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(3), pages 395-412, September.
  12. Caballero, Ricardo J., 1999. "Aggregate investment," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 12, pages 813-862 Elsevier. [Downloadable!] (restricted)
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  13. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 9(4), pages 383-403, December.
  14. Gilberto Tadeu Lima & Mark Setterfield, 2008. "Inflation targeting and macroeconomic stability in a Post Keynesian economy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(3), pages 435-461, April. [Downloadable!] (restricted)
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  15. Peter Skott, 2008. "Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution," Working Papers 2008-12, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  16. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Economics Working Paper Archive 302, Levy Economics Institute, The. [Downloadable!]
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  17. 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.
  18. James Tobin, 1986. "The Future of Keynesian Economics," Eastern Economic Journal, Eastern Economic Association, vol. 12(4), pages 347-356, Oct-Dec. [Downloadable!]
  19. 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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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. Soon Ryoo, 2009. "Long waves and short cycles in a model of endogenous financial fragility," Working Papers 2009-03, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  2. Peter Skott, 2008. "Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution," Working Papers 2008-12, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  3. Eckhard Hein & Marc Lavoie & Till van Treeck, 2008. "Some instability puzzles in Kaleckian models of growth and distribution: A critical survey," IMK Working Paper 19-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  4. Arslan Razmi & Martin Rapetti & Peter Skott, 2009. "The Real Exchange Rate as an Instrument of Development Policy," Working Papers 2009-07, University of Massachusetts Amherst, Department of Economics. [Downloadable!]
  5. Olivier Allain & Nicolas Canry, 2008. "Growth, Capital Scrapping, and the Rate of Capacity Utilisation," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00355932_v1, HAL. [Downloadable!]
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