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Un modelo bisectorial de ciclos distributivos endógenos y sobreproducción

Author

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  • Cajas Guijarro, John

    (Universidad Central del Ecuador)

Abstract

This paper introduces a two-sector model of endogenous distributive cycles and overproduction, by using elements from Marxian and Kaleckian perspectives. The model combines the two-sector model with market power presented by Dutt (1988) with insights from the cyclical model of Goodwin (1967) and the model of growth and distribution of Dutt (1987). The paper establishes the analytical conditions for a short-run equilibrium point for sectoral capacity utilization rates. Furthermore, for the long run, considering capital accumulation, the paper demonstrates the existence of stable cycles in four dimensions (sectoral distribution of capital, employment rate, and markups for sectors producing capital and consumption goods). These findings are used to reinterpret overproduction within capitalist cycles, where the relative magnitudes of overaccumulation of capital and underconsumption change at different phases of the cycle, while full employment is not a relevant case. The paper concludes by suggesting insights for future research.

Suggested Citation

  • Cajas Guijarro, John, 2024. "Un modelo bisectorial de ciclos distributivos endógenos y sobreproducción," El Trimestre Económico, Fondo de Cultura Económica, vol. 91(362), pages 295-339, abril-jun.
    • Handle: RePEc:elt:journl:v:91:y:2024:i:362:p:295-339
    DOI: https://doi.org/10.20430/ete.v91i362.1927
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    More about this item

    Keywords

    Sectoral capacity utilization; bargaining power; long run cycles; overproduction.;
    All these keywords.

    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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