IDEAS home Printed from https://ideas.repec.org/p/wiw/wus005/930.html
   My bibliography  Save this paper

Shareholder value orientation, distribution and growth - short- and medium-run effects in a Kaleckian model

Author

Listed:
  • Hein, Eckhard

Abstract

We discuss the effects of rising shareholder power on distribution and capital accumulation in a Kaleckian model. Increasing shareholder power is associated with decreasing managements' animal spirits, on the one hand, and increasing dividends distributed to shareholders, on the other hand. In the short run, increasing shareholder power may either have positive ('finance-led'), negative ('normal') or intermediate ('profits without investment') effects on capacity utilisation, profits and capital accumulation. In the medium run, the positive ('finance-led') effects may be maintained in a stable environment under very special conditions, whereas the negative ('normal') and the intermediate ('profits without investment') effects turn into cumulative disequilibrium processes with falling rates of capacity utilisation, profits and capital accumulation and rising debt- and rentiers' equity-capital-ratios. (author´s abstract)

Suggested Citation

  • Hein, Eckhard, 2008. "Shareholder value orientation, distribution and growth - short- and medium-run effects in a Kaleckian model," Department of Economics Working Paper Series 120, WU Vienna University of Economics and Business.
    • Handle: RePEc:wiw:wus005:930
    as

    Download full text from publisher

    File URL: https://epub.wu.ac.at/930/
    File Function: original version
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Gstach, Dieter & Grandner, Thomas, 1998. "Restricted immigration in a two-sector economy," Department of Economics Working Paper Series 55, WU Vienna University of Economics and Business.
    2. Chirinko, Robert S, 1993. "Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy Implications," Journal of Economic Literature, American Economic Association, vol. 31(4), pages 1875-1911, December.
    3. Eckhard Hein, 2007. "Interest Rate, Debt, Distribution And Capital Accumulation In A Post‐Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 58(2), pages 310-339, May.
    4. Marterbauer, Markus, 1993. "Europäische Währungsunion und Konsequenzen für die Kollektivvertragspolitik," Department of Economics Working Paper Series 17, WU Vienna University of Economics and Business.
    5. Pasquale Commendatore & Ingrid Kubin, "undated". "The dynamics of wages and employment in a model of monopolistic competition and efficient bargaining," Modeling, Computing, and Mastering Complexity 2003 03, Society for Computational Economics.
    6. Gstach, Dieter, 2003. "A statistical framework for estimating output-specific efficiencies," Department of Economics Working Paper Series 83, WU Vienna University of Economics and Business.
    7. Robert S. Chirinko, 1992. "Business Fixed Investment Spending: A Critical survey of Modeling Strategies, Empirical Results, and Policy Implications," Working Papers 9213, Harris School of Public Policy Studies, University of Chicago.
    8. Grandner, Thomas, 2000. "A note on unionized firms' incentive to integrate vertically," Department of Economics Working Paper Series 70, WU Vienna University of Economics and Business.
    9. Philip Arestis & Michelle Baddeley & Malcolm Sawyer, 2006. "Is Capital Stock a Determinant of Unemployment?," Palgrave Macmillan Books, in: Eckhard Hein & Arne Heise & Achim Truger (ed.), Wages, Employment, Distribution and Growth, chapter 3, pages 49-66, Palgrave Macmillan.
    10. Wehinger, Gert D., 1997. "Exchange rate-based stabilization. Pleasant monetary dynamics?," Department of Economics Working Paper Series 50, WU Vienna University of Economics and Business.
    11. Thomas Grandner, 1998. "Market Shares of Price Setting Firms and Trade Unions," Department of Economics Working Papers wuwp061, Vienna University of Economics and Business, Department of Economics.
    12. Schiantarelli, Fabio, 1996. "Financial Constraints and Investment: Methodological Issues and International Evidence," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 12(2), pages 70-89, Summer.
    13. Gilberto Tadeu Lima & Antonio J. A. Meirelles, 2007. "Macrodynamics of debt regimes, financial instability and growth," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(4), pages 563-580, July.
    14. Ragacs, Christian, 1993. "Employment, productivity, output and minimum wage in Austria: a time series analysis," Department of Economics Working Paper Series 21, WU Vienna University of Economics and Business.
    15. Skott, Peter, 1988. "Finance, Saving and Accumulation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 12(3), pages 339-354, September.
    16. Klausinger, Hansjörg, 2002. "Walras' Law in stochastic macro models. The example of the optimal monetary instrument," Department of Economics Working Paper Series 82, WU Vienna University of Economics and Business.
    17. Nowotny, Ewald, 1991. "The Austrian Social Partnership and Democracy," Department of Economics Working Paper Series 10, WU Vienna University of Economics and Business.
    18. Dieter Gstach & Andrew Somers & Susanne Warning, 2003. "Output specific efficiencies: The case of UK private secondary schools," Department of Economics Working Papers wuwp084, Vienna University of Economics and Business, Department of Economics.
    19. Stiassny, Alfred & Koren, Stefan, 1994. "Tax and Spend or Spend and Tax? An International Study," Department of Economics Working Paper Series 28, WU Vienna University of Economics and Business.
    20. Heise, Arne, 2001. "Das Konzept einer nachhaltigen Finanzpolitik aus heterodoxer Sicht. Ein Diskussionsbeitrag," Department of Economics Working Paper Series 76, WU Vienna University of Economics and Business.
    21. Gstach, Dieter, 1998. "Technical efficiency in noisy multi-output settings," Department of Economics Working Paper Series 59, WU Vienna University of Economics and Business.
    22. Eckhard Hein & Engelbert Stockhammer, 2010. "Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model," Review of Political Economy, Taylor & Francis Journals, vol. 22(3), pages 317-354.
    23. Thomas I. Palley, 2013. "Financialization: What It Is and Why It Matters," Palgrave Macmillan Books, in: Financialization, chapter 2, pages 17-40, Palgrave Macmillan.
    24. Stiassny, Alfred & Koren, Stephan, 1992. "The Temporal Causality between Government Taxes and Spending," Department of Economics Working Paper Series 14, WU Vienna University of Economics and Business.
    25. Greg Hannsgen, 2004. "Gibson’s Paradox, Monetary Policy, and the Emergence of Cycles," Macroeconomics 0407029, University Library of Munich, Germany.
    26. Engelbert Stockhammer, 2004. "Financialisation and the slowdown of accumulation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(5), pages 719-741, September.
    27. Pasquale Commendatore & Ingrid Kubin & Carmelo Petraglia, 2009. "Footloose Capital and Productive Public Services," Chapters, in: Neri Salvadori & Pasquale Commendatore & Massimo Tamberi (ed.), Geography, Structural Change and Economic Development, chapter 1, Edward Elgar Publishing.
    28. Hansjoerg Klausinger, 1999. "The Stability of Full Employment. A Reconstruction of Chapter 19-Keynesianism," Department of Economics Working Papers wuwp063, Vienna University of Economics and Business, Department of Economics.
    29. Epstein,Gerald A. & Gintis,Herbert M., 2011. "Macroeconomic Policy after the Conservative Era," Cambridge Books, Cambridge University Press, number 9780521148412.
    30. Eckhard Hein, 2006. "Interest, Debt and Capital Accumulation—A Kaleckian Approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 337-352.
    31. Christian Ragacs & Thomas Steinberger & Martin Zagler, 1998. "Growth Theories and the Persistence of Output Fluctuations: The Case of Austria," Department of Economics Working Papers wuwp060, Vienna University of Economics and Business, Department of Economics.
    32. Arne Heise, 2000. "Theorie optimaler Lohnräume. Zur Lohnpolitik in der Europäischen Währungsunion," Department of Economics Working Papers wuwp073, Vienna University of Economics and Business, Department of Economics.
    33. Altzinger, Wilfried, 1998. "Austria's foreign direct investment in Central and Eastern Europe. "supply based" or "market driven"?," Department of Economics Working Paper Series 57, WU Vienna University of Economics and Business.
    34. George Argitis & Christos Pitelis, 2001. "Monetary Policy and the Distribution of Income: Evidence for the United States and the United Kingdom," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(4), pages 617-638, July.
    35. Eckhard Hein, 2005. "Finanzstruktur und Wirtschaftswachstum - theoretische und empirische Aspekte," IMK Studies 01-2005, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    36. Christian Ragacs & Martin Zagler, 1997. "Economic Policy in a Model of Endogenous Growth," Department of Economics Working Papers wuwp053, Vienna University of Economics and Business, Department of Economics.
    37. Kocher, Martin G. & Luptacik, Mikulas & Sutter, Matthias, 2006. "Measuring productivity of research in economics: A cross-country study using DEA," Socio-Economic Planning Sciences, Elsevier, vol. 40(4), pages 314-332, December.
    38. Miguel A. LeÛn-Ledesma & A. P. Thirlwall, 2002. "The endogeneity of the natural rate of growth," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(4), pages 441-459, July.
    39. Thomas I. Palley, 2006. "Class Conflict and the Cambridge Theory of Income Distribution," Palgrave Macmillan Books, in: Eckhard Hein & Arne Heise & Achim Truger (ed.), Wages, Employment, Distribution and Growth, chapter 10, pages 223-246, Palgrave Macmillan.
    40. Dieter Gstach & Thomas Grandner, 1998. "Restricted Immigration in a Two-Sector Economy," Department of Economics Working Papers wuwp055, Vienna University of Economics and Business, Department of Economics.
    41. Gstach, Dieter, 1993. "Scale Efficiency: Where Data Envelopment Analysis Outperforms Stochastic Production Function Estimation," Department of Economics Working Paper Series 23, WU Vienna University of Economics and Business.
    42. Christian Bellak, 1999. "Explaining Foreign Ownership By Comparative and Competitive Advantage: Empirical Evidence," Department of Economics Working Papers wuwp062, Vienna University of Economics and Business, Department of Economics.
    43. Marc Lavoie, 1995. "Interest Rates In Post-Keynesian Models Of Growth And Distribution," Metroeconomica, Wiley Blackwell, vol. 46(2), pages 146-177, June.
    44. Peter Skott & Soon Ryoo, 2008. "Macroeconomic implications of financialisation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(6), pages 827-862, November.
    45. Heise, Arne, 2000. "Postkeynesianische Beschäftigungstheorie. Einige prinzipielle Überlegungen," Department of Economics Working Paper Series 72, WU Vienna University of Economics and Business.
    46. Philip Arestis & Michelle Baddeley & Malcolm Sawyer, 2007. "The Relationship Between Capital Stock, Unemployment And Wages In Nine Emu Countries," Bulletin of Economic Research, Wiley Blackwell, vol. 59(2), pages 125-148, April.
    47. Zagler, Martin, 1996. "Long-run monetary non-neutrality in a model of endogenous growth," Department of Economics Working Paper Series 37, WU Vienna University of Economics and Business.
    48. Dockner, Engelbert J, 1992. "A Dynamic Theory of Conjectural Variations," Journal of Industrial Economics, Wiley Blackwell, vol. 40(4), pages 377-395, December.
    49. Gstach, Dieter, 1998. "Small sample performance of two approaches to technical efficiency estimation in noisy multiple output environments," Department of Economics Working Paper Series 58, WU Vienna University of Economics and Business.
    50. Thomas Grandner, 2007. "Product differentiation in a linear city and wage bargaining," Department of Economics Working Papers wuwp109, Vienna University of Economics and Business, Department of Economics.
    51. Skott,Peter, 2008. "Conflict and Effective Demand in Economic Growth," Cambridge Books, Cambridge University Press, number 9780521066310.
    52. Dieter Gstach, 1998. "Technical Efficiency in Noisy Multi-Output Settings," Department of Economics Working Papers wuwp059, Vienna University of Economics and Business, Department of Economics.
    53. Christian Bellak, 2000. "The Investment Development Path of Austria," Department of Economics Working Papers wuwp075, Vienna University of Economics and Business, Department of Economics.
    54. Dieter Gstach, 1996. "A new approach to stochastic frontier estimation: DEA+," Department of Economics Working Papers wuwp039, Vienna University of Economics and Business, Department of Economics.
    55. Thomas I. Palley, 1996. "Post Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37412-6.
    56. Bellak, Christian & Cantwell, John, 1995. "Measuring the Importance of International Production: The Re-estimation of Foreign Direct Investment at Current Values," Department of Economics Working Paper Series 30, WU Vienna University of Economics and Business.
    57. Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
    58. R. Glenn Hubbard, 1998. "Capital-Market Imperfections and Investment," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 193-225, March.
    59. John Smithin, 2003. "Interest Rates, Profits and Economic Growth," Chapters, in: Edward J. Nell & Mathew Forstater (ed.), Reinventing Functional Finance, chapter 13, Edward Elgar Publishing.
    60. Rumler, Fabio, 1999. "Computable general equilibrium modeling. Numerical simulations in a 2-country monetary general equilibrium model," Department of Economics Working Paper Series 65, WU Vienna University of Economics and Business.
    61. Marterbauer, Markus, 1991. "Die Rolle der Fiskalpolitik im schwedischen Wohlfahrtsstaat," Department of Economics Working Paper Series 6, WU Vienna University of Economics and Business.
    62. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Economics Working Paper Archive wp_302, Levy Economics Institute.
    63. Pichler, Eva, 1991. "Cost-Sharing of General and Specific Training with Depreciation of Human Capital," Department of Economics Working Paper Series 7, WU Vienna University of Economics and Business.
    64. Till Van Treeck, 2008. "Reconsidering The Investment–Profit Nexus In Finance‐Led Economies: An Ardl‐Based Approach," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 371-404, July.
    65. Marc Lavoie & Wynne Godley, 2012. "Kaleckian Models of Growth in a Coherent Stock–Flow Monetary Framework: A Kaldorian View," Palgrave Macmillan Books, in: Marc Lavoie & Gennaro Zezza (ed.), The Stock-Flow Consistent Approach, chapter 6, pages 123-156, Palgrave Macmillan.
    66. Thomas Grandner, 2000. "A Note on Unionized Firms' Incentive to Integrate Vertically," Department of Economics Working Papers wuwp070, Vienna University of Economics and Business, Department of Economics.
    67. Rowthorn, Robert, 1999. "Unemployment, Wage Bargaining and Capital-Labour Substitution," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 23(4), pages 413-425, July.
    68. Till van Treeck, 2009. "A synthetic, stock--flow consistent macroeconomic model of 'financialisation'," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(3), pages 467-493, May.
    69. Amit Bhaduri & Kazimierz Laski & Martin Riese, 2006. "A Model Of Interaction Between The Virtual And The Real Economy," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 412-427, July.
    70. Arestis, Philip & Basu, Santonu, 2004. "Financial globalisation and regulation," Research in International Business and Finance, Elsevier, vol. 18(2), pages 129-140, June.
    71. Hamberger, Klaus & Katzmair, Harald, 1995. "Arithmetische Politik und ökonomische Moral. Zur Genealogie der Sozialwissenschaften in England," Department of Economics Working Paper Series 33, WU Vienna University of Economics and Business.
    72. Ragacs, Christian, 1993. "Minimum Wages in Austria: Estimation of Employment Functions," Department of Economics Working Paper Series 20, WU Vienna University of Economics and Business.
    73. Altzinger, Wilfried, 1995. "Beschäftigungseffekte des österreichischen Osthandels. 1989 - 1994," Department of Economics Working Paper Series 34, WU Vienna University of Economics and Business.
    74. Rowthorn, Robert, 1995. "Capital Formation and Unemployment," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 11(1), pages 26-39, Spring.
    75. Philip Arestis & Malcolm Sawyer, 2005. "Aggregate demand, conflict and capacity in the inflationary process," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 959-974, November.
    76. Wilfried Altzinger, 1996. "Beschäftigungseffekte des österreichischen Osthandels," Department of Economics Working Papers wuwp034, Vienna University of Economics and Business, Department of Economics.
    77. Bellak, Christian, 1995. "Austrian Manufacturing Firms Abroad - The Last 100 Years," Department of Economics Working Paper Series 35, WU Vienna University of Economics and Business.
    78. Marc Lavoie, 1998. "The Neo-Pasinetti Theorem in Cambridge and Kaleckian Models of Growth and Distribution," Eastern Economic Journal, Eastern Economic Association, vol. 24(4), pages 417-434, Fall.
    79. 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.
    80. Engelbert Stockhammer & Eckhard Hein & Lucas Grafl, 2011. "Globalization and the effects of changes in functional income distribution on aggregate demand in Germany," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(1), pages 1-23.
    81. Philip Arestis & Malcolm Sawyer (ed.), 1994. "The Elgar Companion to Radical Political Economy," Books, Edward Elgar Publishing, number 19.
    82. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    83. Hansjoerg Klausinger, 2000. "Walras' Law and the IS-LM Model. A Tale of Progress and Regress," Department of Economics Working Papers wuwp069, Vienna University of Economics and Business, Department of Economics.
    84. Eckhard Hein & Arne Heise & Achim Truger (ed.), 2006. "Wages, Employment, Distribution and Growth - International Perspectives," Conference proceedings of the Research Network Macroeconomics and Macroeconomic Policies (FMM), IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute, number 8a-2006.
    85. Stiassny, Alfred, 1993. "TVP - Ein Programm zur Schätzung von Modellen mit zeitvariierenden Parametern," Department of Economics Working Paper Series 22, WU Vienna University of Economics and Business.
    86. James Tobin & William Brainard, 1990. "On Crotty’s Critique of q-Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 12(4), pages 543-549, July.
    87. Dorothy Power & Gerald Epstein, 2003. "Rentier Incomes and Financial Crises: An Empirical Examination of Trends and Cycles in Some OECD Countries," Working Papers wp57, Political Economy Research Institute, University of Massachusetts at Amherst.
    88. Amitava K. Dutt & Edward J. Amadeo, 1993. "A Post-Keynesian Theory of Growth, Interest and Money," Palgrave Macmillan Books, in: Mauro Baranzini & G. C. Harcourt (ed.), The Dynamics of the Wealth of Nations, chapter 7, pages 181-205, Palgrave Macmillan.
    89. Thomas I. Palley, 1994. "Debt, Aggregate Demand, and The Business Cycle: an Analysis in the Spirit of Kaldor and Minsky," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 16(3), pages 371-390, March.
    90. Michel Aglietta & Régis Breton, 2001. "Financial systems, corporate control, and capital accumulation," Post-Print halshs-00256788, HAL.
    91. Till van Treeck, 2008. "The political economy debate on ‘financialisation’ – a macroeconomic perspective," IMK Working Paper 01-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    92. Lavoie, Marc, 1996. "Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(3), pages 275-300, August.
    93. Thomas Piketty & Emmanuel Saez, 2003. "Income Inequality in the United States, 1913–1998," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 1-41.
    94. Dieter Gstach, 2003. "A Statistical Framework for Estimating Output-Specific Efficiencies," Department of Economics Working Papers wuwp083, Vienna University of Economics and Business, Department of Economics.
    95. 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.
    96. Grandner, Thomas, 1996. "Is wage-leadership an instrument to coordinate unions' wage-policy? The case of imperfect product markets," Department of Economics Working Paper Series 42, WU Vienna University of Economics and Business.
    97. Grandner, Thomas, 2000. "Optimal contracts for vertically connected, unionized duopolies," Department of Economics Working Paper Series 71, WU Vienna University of Economics and Business.
    98. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    99. Panicos Demetriades & Svetlana Andrianova, "undated". "Finance and Growth: What We Know and What We Need To Know," Discussion Papers in Economics 03/15, Division of Economics, School of Business, University of Leicester.
    100. Ragacs, Christian, 2002. "Minimum wages, human capital, employment and growth," Department of Economics Working Paper Series 81, WU Vienna University of Economics and Business.
    101. Nicholas Kaldor, 1985. "How Monetarism Failed," Challenge, Taylor & Francis Journals, vol. 28(2), pages 4-13, May.
    102. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(4), pages 375-393, December.
    103. Soon Ryoo & Peter Skott, 2008. "Financialization in Kaleckian Economies with and without Labor Constraints," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 5(2), pages 357-386.
    104. Thomas Grandner, 2000. "Optimal Contracts for Vertically Connected, Unionized Duopolies," Department of Economics Working Papers wuwp071, Vienna University of Economics and Business, Department of Economics.
    105. Amitava Krishna Dutt, 1989. "Accumulation, Distribution and Inflation in a Marxian/Post-Keynesian Model with a Rentier Class," Review of Radical Political Economics, Union for Radical Political Economics, vol. 21(3), pages 18-26, September.
    106. Amitava Krishna Dutt, 2006. "Maturity, Stagnation And Consumer Debt: A Steindlian Approach," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 339-364, July.
    107. Gstach, Dieter, 1996. "A new approach to stochastic frontier estimation: DEA+," Department of Economics Working Paper Series 39, WU Vienna University of Economics and Business.
    108. Eckhard Hein & Arne Heise & Achim Truger (ed.), 2006. "Wages, Employment, Distribution and Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37178-1.
    109. Grandner, Thomas, 1998. "Market shares of price setting firms and trade unions," Department of Economics Working Paper Series 61, WU Vienna University of Economics and Business.
    110. Taylor, Lance, 1985. "A Stagnationist Model of Economic Growth," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 9(4), pages 383-403, December.
    111. Antonio Meirelles & Gilberto Lima, 2006. "Debt, financial fragility, and economic growth: a Post Keynesian macromodel," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(1), pages 93-115.
    112. Philip Arestis & Iris Biefang‐Frisancho Mariscal, 2000. "Capital Stock, Unemployment and Wages in the UK and Germany," Scottish Journal of Political Economy, Scottish Economic Society, vol. 47(5), pages 487-503, November.
    113. Engelbert Stockhammer, 2000. "Explaining European Unemployment: Testing the NAIRU Theory and a Keynesian Approach," Department of Economics Working Papers wuwp068, Vienna University of Economics and Business, Department of Economics.
    114. Gerhard Munduch & Alexander Pfister & Leopold Sögner & Alfred Stiassny, 2002. "Estimating Marginal Costs for the Austrian Railway System," Department of Economics Working Papers wuwp078, Vienna University of Economics and Business, Department of Economics.
    115. Dieter Gstach, 1998. "Small Sample Performance of Two Approaches to Technical Efficiency Estimation with Multiple Outputs," Department of Economics Working Papers wuwp058, Vienna University of Economics and Business, Department of Economics.
    116. Engelbert Stockhammer, 2005. "Shareholder value orientation and the investment-profit puzzle," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 28(2), pages 193-215.
    117. Eckhard Hein & Engelbert Stockhammer, 2007. "A Post-Keynesian macroeconomic policy mix as an alternative to the New Consensus approach," IMK Working Paper 10-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    118. Greg Hannsgen, 2007. "The Transmission Mechanism of Monetary Policy: A Critical Review," Chapters, in: Philip Arestis & Malcolm Sawyer (ed.), A Handbook of Alternative Monetary Economics, chapter 13, Edward Elgar Publishing.
    119. Malcolm Sawyer, 2002. "The NAIRU, Aggregate Demand and Investment," Metroeconomica, Wiley Blackwell, vol. 53(1), pages 66-94, February.
    120. Matthew Abrena & Gerald Epstein & Dorothy Power, 2003. "Trends In The Rentier Income Share In OECD Countries, 1960-2000," Working Papers wp58a, Political Economy Research Institute, University of Massachusetts at Amherst.
    121. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    122. Nicholas Kaldor, 1966. "Marginal Productivity and the Macro-Economic Theories of Distribution: Comment on Samuelson and Modigliani," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 33(4), pages 309-319.
    123. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    124. Munduch, Gerhard & Pfister, Alexander & Sögner, Leopold & Stiassny, Alfred, 2002. "Estimating marginal costs for the Austrian railway system," Department of Economics Working Paper Series 78, WU Vienna University of Economics and Business.
    125. Thomas Grandner, 1996. "Is Wage-Leadership an Instrument to Coordinate Union's Wage-Policy? The Case of Imperfect Product Markets," Department of Economics Working Papers wuwp042, Vienna University of Economics and Business, Department of Economics.
    126. James R. Crotty, 1990. "Owner–Manager Conflict and Financial Theories of Investment Instability: A Critical Assessment of Keynes, Tobin, and Minsky," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 12(4), pages 519-542, July.
    127. Marc Lavoie, 1984. "The Endogenous Flow of Credit and the Post Keynesian Theory of Money," Journal of Economic Issues, Taylor & Francis Journals, vol. 18(3), pages 771-797, September.
    128. Ross Levine, 2003. "More on finance and growth: more finance, more growth?," Review, Federal Reserve Bank of St. Louis, vol. 85(Jul), pages 31-46.
    129. Seccareccia, M, 1996. "Pricing, Investment and the Financing of Production Within the Framework of the Monetary Circuit: Some Preliminary Evidence," Working Papers 9609e, University of Ottawa, Department of Economics.
    130. Gstach, Dieter & Somers, Andrew & Warning, Susanne, 2003. "Output specific efficiencies. The case of UK private secondary schools," Department of Economics Working Paper Series 84, WU Vienna University of Economics and Business.
    131. Harald Katzmair, 1999. "Der Modellbegriff in den Sozialwissenschaften. Zum Programm einer kritischen Soziologik," Department of Economics Working Papers wuwp064, Vienna University of Economics and Business, Department of Economics.
    132. Marc Lavoie, 2009. "Cadrisme within a Post-Keynesian Model of Growth and Distribution," Review of Political Economy, Taylor & Francis Journals, vol. 21(3), pages 369-391.
    133. Unger, Brigitte & Klatzer, Elisabeth, 1992. "Will Internationalization Lead to a Convergence of National Economic Policies?," Department of Economics Working Paper Series 12, WU Vienna University of Economics and Business.
    134. Grandner, Thomas, 2007. "Product differentiation in a linear city and wage bargaining," Department of Economics Working Paper Series 109, WU Vienna University of Economics and Business.
    135. Seccareccia,M., 1991. "Post Keynesian Fundism and Monetary Circulation," Working Papers 9113e, University of Ottawa, Department of Economics.
    136. Thomas Grandner, 1997. "Territoriale Evolution von Kooperation in einem Gefangenendilemma," Department of Economics Working Papers wuwp045, Vienna University of Economics and Business, Department of Economics.
    137. Hansjoerg Klausinger, 1997. "Die Alternativen zur Deflationspolitik Brünings im Lichte zeitgenössischer Kritik," Department of Economics Working Papers wuwp049, Vienna University of Economics and Business, Department of Economics.
    138. Eckhard Hein, 2008. "Money, Distribution Conflict and Capital Accumulation," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-59560-6.
    139. Engelbert Stockhammer, 2007. "Some Stylized Facts on the Finance-Dominated Accumulation Regime," Working Papers wp142, Political Economy Research Institute, University of Massachusetts at Amherst.
    140. Philip Arestis & Victoria Chick (ed.), 1992. "Recent Developments in Post-Keynesian Economics," Books, Edward Elgar Publishing, number 17.
    141. Katzmair, Harald, 1999. "Der Modellbegriff in den Sozialwissenschaften. Zum Programm einer kritischen Sozio-Logik," Department of Economics Working Paper Series 64, WU Vienna University of Economics and Business.
    142. Gerald Epstein, 1992. "Political Economy and Comparative Central Banking," Review of Radical Political Economics, Union for Radical Political Economics, vol. 24(1), pages 1-30, March.
    143. Amitava Krishna Dutt, 1995. "Internal Finance And Monopoly Power In Capitalist Economies: A Reformulation Of Steindl'S Growth Model," Metroeconomica, Wiley Blackwell, vol. 46(1), pages 16-34, February.
    144. Scharmer, Felicitas, 1993. "The Validity Issue in Applied General Equilibrium Tax Models," Department of Economics Working Paper Series 19, WU Vienna University of Economics and Business.
    145. Leonce Ndikumana, 1999. "Debt Service, Financing Constraints, and Fixed Investment: Evidence from Panel Data," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 21(3), pages 455-478, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Photis Lysandrou, 2016. "The colonization of the future: An alternative view of financialization and its portents," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 39(4), pages 444-472, October.
    2. Panico, Carlo & Pinto, Antonio, 2015. "Income distribution and the size of the financial sector," Centro Sraffa Working Papers CSWP15, Centro di Ricerche e Documentazione "Piero Sraffa".
    3. Botta, Alberto & Caverzasi, Eugenio & Tori, Daniele, 2020. "The Macroeconomics Of Shadow Banking," Macroeconomic Dynamics, Cambridge University Press, vol. 24(1), pages 161-190, January.
    4. Dünhaupt, Petra, 2016. "Financialization and the crises of capitalism," IPE Working Papers 67/2016, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    5. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Springer;The Association for Social Economics, vol. 40(2), pages 139-155, July.
    6. Eugenio Caverzasi & Daniele Tori, 2018. "The Financial Innovation Hypothesis: Schumpeter, Minsky and the sub-prime mortgage crisis," Working Papers PKWP1815, Post Keynesian Economics Society (PKES).
    7. Dögüs, Ilhan, 2016. "A Minskyan criticism on the shareholder pressure approach of financialisation," ZÖSS-Discussion Papers 53, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    8. Eckhard Hein, 2016. "Secular stagnation or stagnation policy? Steindl after Summers," PSL Quarterly Review, Economia civile, vol. 69(276), pages 3-47.
    9. Shinya Fujita & Hiroaki Sasaki, 2011. "Financialization and its Long-run Macroeconomic Effects in a Kalecki-Minsky Model," Discussion papers e-11-001, Graduate School of Economics Project Center, Kyoto University.
    10. Piacentini, P.M., 2021. "Minsky after Kalecki: real profits and financial structure," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 416-426.
    11. Asensio, Angel & Charles, Sébastien & Lang, Dany & Le Heron, Edwin, 2011. "Les développements récents de la macroéconomie post-keynésienne," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.
    12. Antonio Bianco & Paolo M. Piacentini, 2013. "The sustainability of a creative-finance-led economy," Working papers wpaper07, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    13. Hein, Eckhard, 2011. "Distribution, 'financialisation' and the financial and economic crisis: Implications for post-crisis economic policies," IPE Working Papers 09/2011, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    14. Guðmundsson, Björn Rúnar, 2015. "Financialisation and financial crisis in Iceland," IPE Working Papers 55/2015, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    15. Hiroaki Sasaki & Shinya Fujita, 2012. "Income Distribution, Debt Accumulation, and Financial Fragility in a Kaleckian Model with Labor Supply Constraints," Discussion papers e-12-007, Graduate School of Economics Project Center, Kyoto University.
    16. Eckhard Hein & Achim Truger, 2012. "Finance-dominated capitalism in crisis—the case for a global Keynesian New Deal," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(2), pages 187-213.
    17. Eckhard Hein, 2012. ""Financialization," distribution, capital accumulation, and productivity growth in a post-Kaleckian model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(3), pages 475-496.
    18. Hiroaki Sasaki & Shinya Fujita, 2014. "Pro-shareholder income distribution, debt accumulation, and cyclical fluctuations in a post-Keynesian model with labor supply constraints," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(1), pages 10-30, April.
    19. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    20. Hiroaki Sasaki & Shinya Fujita, 2012. "The Importance Of The Retention Ratio In A Kaleckian Model With Debt Accumulation," Metroeconomica, Wiley Blackwell, vol. 63(3), pages 417-428, July.
    21. Özdemir Onur, 2019. "Financialization and the Labor Share of Income," Review of Economic Perspectives, Sciendo, vol. 19(4), pages 265-306, December.
    22. Hiroaki Sasaki, 2016. "Increased Shareholder Power, Income Distribution, and Employment in a Neo-Kaleckian Model with Conflict Inflation," Discussion papers e-16-008, Graduate School of Economics , Kyoto University.
    23. Eckhard Hein, 2012. "Finance-dominated capitalism, re-distribution, household debt and financial fragility in a Kaleckian distribution and growth model," PSL Quarterly Review, Economia civile, vol. 65(260), pages 11-51.
    24. Eckhard Hein, 2009. "‘Financialisation’ in a comparative static, stock-flow consistent post-kaleckian distribution and growth model," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 72(03), pages 120-139.
    25. Giorgos Argitis & Stella Michopoulou, 2013. "Studies in Financial Systems No 4 Financialization and the Greek Financial System," FESSUD studies fstudy04, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Engelbert Stockhammer & Paul Ramskogler, 2009. "Post-Keynesian economics How to move forward," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 6(2), pages 227-246.
    2. Smet, Koen, 2007. "Stuck in the middle? The structure of trade between South Africa and its major trading partners," Department of Economics Working Paper Series 115, WU Vienna University of Economics and Business.
    3. Gerlinde Fellner & Matthias Sutter, 2009. "Causes, Consequences, and Cures of Myopic Loss Aversion - An Experimental Investigation," Economic Journal, Royal Economic Society, vol. 119(537), pages 900-916, April.
    4. Engelbert Stockhammer & Lucas Grafl, 2010. "Financial Uncertainty and Business Investment," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 551-568.
    5. Theresa Grafeneder-Weissteiner & Klaus Prettner, 2009. "Agglomeration and population ageing in a two region model of exogenous growth," VID Working Papers 0901, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
    6. Riedl, Aleksandra & Rocha-Akis, Silvia, 2007. "Testing the tax competition theory: How elastic are national tax bases in western Europe?," Department of Economics Working Paper Series 112, WU Vienna University of Economics and Business.
    7. Figerl, Jürgen & Grandner, Thomas, 2008. "Job quality and wages in duopsony," Department of Economics Working Paper Series 121, WU Vienna University of Economics and Business.
    8. Theresa Grafeneder-Weissteiner & Klaus Prettner, 2010. "Agglomeration processes in ageing societies," VID Working Papers 1005, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna.
    9. Hagemann, Harald, 2010. "L. Albert Hahn's Economic Theory of Bank Credit," Department of Economics Working Paper Series 134, WU Vienna University of Economics and Business.
    10. Grafeneder-Weissteiner, Theresa, 2010. "Demographic change, growth and agglomeration," Department of Economics Working Paper Series 132, WU Vienna University of Economics and Business.
    11. Pasquale Commendatore & Ingrid Kubin & Carmelo Petraglia, 2009. "Footloose Capital and Productive Public Services," Chapters, in: Neri Salvadori & Pasquale Commendatore & Massimo Tamberi (ed.), Geography, Structural Change and Economic Development, chapter 1, Edward Elgar Publishing.
    12. Özlem Onaran, 2007. "International financial markets and fragility in the Eastern Europe: "can it happen" here?," Department of Economics Working Papers wuwp108, Vienna University of Economics and Business, Department of Economics.
    13. Paul Ramskogler, 2007. "Uncertainty, market power and credit rationing," Department of Economics Working Papers wuwp105, Vienna University of Economics and Business, Department of Economics.
    14. Grandner, Thomas, 2007. "Product differentiation in a linear city and wage bargaining," Department of Economics Working Paper Series 109, WU Vienna University of Economics and Business.
    15. Silvia Rocha-Akis, 2006. "Labour tax policies and strategic offshoring under unionised oligopoly," Department of Economics Working Papers wuwp099, Vienna University of Economics and Business, Department of Economics.
    16. Engelbert Stockhammer & Paul Ramskogler, 2008. "Uncertainty and Exploitation in History," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(1), pages 175-194, March.
    17. Annemarie Steidl & Engelbert Stockhammer, 2007. "Coming and leaving. Internal mobility in late Imperial Austria," Department of Economics Working Papers wuwp107, Vienna University of Economics and Business, Department of Economics.
    18. Harald Badinger & Ingrid Kubin, 2007. "Vom kurzfristigen zum mittelfristigen Gleichgewicht in einer offenen Volkswirtschaft unter fixen und flexiblen Wechselkursen," Department of Economics Working Papers wuwp101, Vienna University of Economics and Business, Department of Economics.
    19. Theresa Grafeneder-Weissteiner, 2010. "Demographic change, growth and agglomeration," Department of Economics Working Papers wuwp132, Vienna University of Economics and Business, Department of Economics.
    20. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

    More about this item

    Keywords

    Shareholder value orientation; distribution; growth; Kaleckian models;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wiw:wus005:930. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: WU Library (email available below). General contact details of provider: https://research.wu.ac.at/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.