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The paradox of technological progress, growth, distribution, and employment in a demand-led framework

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  • Hiroaki Sasaki

Abstract

This study builds a Kaleckian model that incorporates endogenous technological progress and investigates how a change in a parameter that directly fosters technological progress affects growth and distribution. In some cases, firms’ attempt to foster technological progress consequently decreases the long-run rates of technological progress and economic growth, which is a kind of the fallacy of synthesis: even if firms attempt to allocate resources to technological progress, it consequently causes a decline in the wage share, which in turn leads to a decrease in the technological progress rate (i.e., paradox of technological progress) and economic growth rate.

Suggested Citation

  • Hiroaki Sasaki, 2025. "The paradox of technological progress, growth, distribution, and employment in a demand-led framework," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 48(3), pages 542-574, July.
    • Handle: RePEc:mes:postke:v:48:y:2025:i:3:p:542-574
    DOI: 10.1080/01603477.2025.2482529
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    Cited by:

    1. Hein, Eckhard, 2025. "Kaleckian economics after Kalecki: A survey," IPE Working Papers 257/2025, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

    More about this item

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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