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The Greek economy in a Kaldorian developmental framework

Author

Listed:
  • Konstantinos Katrakilidis

    (Aristotle University of Thessaloniki, Faculty of Law, Economics and Political Sciences, Department of Economic Sciences, Thessaloniki GR 541 24, Greece)

  • Persefoni V. Tsaliki

    (Department of Economics of the Aristotle University of Thessaloniki, Thessaloniki, Greece)

  • Theodosios Tsiakis

    (Department of Marketing in Alexander Technological Educational Institute of Thessaloniki, Thessaloniki, Greece)

Abstract

This paper empirically explores the validity of the Kaldorian insights into economic growth and development. In doing so, we examine the three laws outlined in Kaldor’s analysis and test their relevance to the Greek economy for the period 1970–2006. We employ the ARDL method to analyse the long-run and short-run relationships among the variables. The empirical results confirm Kaldor’s proposition about the importance of the demand side of the economy and thus provide the necessary theoretical and empirical ground for innovative economic policies in these difficult times for Greece.

Suggested Citation

  • Konstantinos Katrakilidis & Persefoni V. Tsaliki & Theodosios Tsiakis, 2013. "The Greek economy in a Kaldorian developmental framework," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 63(1), pages 61-75, March.
    • Handle: RePEc:aka:aoecon:v:63:y:2013:i:1:p:61-75
    Note: We thank the two anonymous referees for their valuable comments. The usual disclaimer applies.
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    Citations

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    Cited by:

    1. Tsoulfidis, Lefteris, 2013. "The ‘new golden age of accumulation’, the new depression and the greek economy," MPRA Paper 60577, University Library of Munich, Germany.
    2. Ioanna Apostolidou & Achilleas Kontogeorgos & Anastasios Michailidis & Efstratios Loizou, 2014. "The Role of Agriculture in Economic Growth: A Comparison of Mediterranean and Northern Views in Europe," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 7(3), pages 81-102, December.

    More about this item

    Keywords

    economic growth; Kaldor’s laws; Greek economy; ARDL;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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