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Growth, income distribution and autonomous public expenditures

Author

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  • Allain, Olivier

    (Université Paris Descartes (Paris 5))

Abstract

This article presents a Kaleckian model which is enriched by introducing autonomous public expenditures growing at an exogenous rate. We show that the usual properties are not affected in the short run: an increase in the profit share thus causes a decrease in the rate of capital accumulation (growth is wage-led). But long run properties are strongly affected: public expenditures play a role of automatic stabilizer such that accumulation rate converges toward the growth rate of public expenditures. The effect of a change in income distribution on the growth rate is then only transient. However, the impacts on the variables in level (output, capital stock, labor…) remain permanent.

Suggested Citation

  • Allain, Olivier, 2012. "Growth, income distribution and autonomous public expenditures," European Journal of Economic and Social Systems, Lavoisier, vol. 25(1-2), pages 59-72.
    • Handle: RePEc:ris:ejessy:0019
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    Cited by:

    1. Brochier, Lidia & Macedo e Silva, Antonio Carlos, 2017. "The Macroeconomic Implications of Consumption: State-of-Art and Prospects for the Heterodox Future Research," MPRA Paper 92672, University Library of Munich, Germany.
    2. Franklin Serrano & Fabio Freitas, 2016. "Growth Rate And Level Effects, The Adjustment Of Capacity To Demand And The Sraffian Supermultiplier," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 087, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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