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Effective Demand, Employment and Capital Utilisation in the Short Run

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  • Kurz, Heinz D

Abstract

This paper attempts to help clarify the many-faceted notion of capital utilization in the theory of effective demand. The problem is dealt with in terms of a simple two-sector model. Two aspects of capital utilization are distinguished: (1) the microeconomic aspect of the choice among alternative systems of operation of plant and equipment; and (2) the macroeconomic aspect of which proportion of the existing capital stock will actually be used. Some support is provided for the view that the short run is sometimes a "cooperative game" in which both labor and capital gain. Copyright 1990 by Oxford University Press.

Suggested Citation

  • Kurz, Heinz D, 1990. "Effective Demand, Employment and Capital Utilisation in the Short Run," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 14(2), pages 205-217, June.
    • Handle: RePEc:oup:cambje:v:14:y:1990:i:2:p:205-17
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    Cited by:

    1. Ettore Gallo & Maria Cristina Barbieri Góes, 2023. "Investment, autonomous demand and long-run capacity utilization: an empirical test for the Euro Area," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(1), pages 225-255, April.
    2. Biao Huang, 2019. "Revisiting fixed capital models in the Sraffa framework," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(2), pages 351-371, July.
    3. Bassi, Federico & Bauermann, Tom & Lang, Dany & Setterfield, Mark, 2022. "Is capacity utilization variable in the long run? An agent-based sectoral approach to modeling hysteresis in the normal rate of capacity utilization," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 196-212.
    4. Mark Setterfield & Joana David Avritzer, 2020. "Hysteresis in the normal rate of capacity utilization: A behavioral explanation," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 898-919, November.
    5. Biao Huang, 2020. "Normal utilization rate in the Sraffa framework," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 767-780, November.
    6. Seguino, Stephanie, 1999. "The Investment Function Revisited: Disciplining Capital in Korea," MPRA Paper 6539, University Library of Munich, Germany.
    7. Mark Setterfield, 2021. "Harrodians and Kaleckians: a suggested reconciliation and synthesis," Working Papers 2111, New School for Social Research, Department of Economics, revised Jan 2022.

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