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A note on the long-run behaviour of Kaleckian models

  • Mario Cassetti
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    This paper discusses the mechanisms that drive Kaleckian models towards their long-run equilibria. After an exposition of a recent version of the Kaleckian model and of its medium-run solution, we show that the utilization and profit rates may converge endogenously toward their normal values. The model's stability conditions and the possibility of hysteresis effects are then discussed. It turns out that the main Kaleckian results can be extended to the long run.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09538250600915683
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    Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

    Volume (Year): 18 (2006)
    Issue (Month): 4 ()
    Pages: 497-508

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    Handle: RePEc:taf:revpoe:v:18:y:2006:i:4:p:497-508
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    1. Lavoie, Marc, 1995. "The Kaleckian Model of Growth and Distribution and Its Neo-Ricardian and Neo-Marxian Critiques," Cambridge Journal of Economics, Oxford University Press, vol. 19(6), pages 789-818, December.
    2. repec:cup:cbooks:9780521341493 is not listed on IDEAS
    3. Dutt, Amitava Krishna, 1992. "Conflict inflation, distribution, cyclical accumulation and crises," European Journal of Political Economy, Elsevier, vol. 8(4), pages 579-597, December.
    4. Jose Antonio Cordero, 2002. "A Model of Growth and Conflict Inflation for a Small Open Economy," Metroeconomica, Wiley Blackwell, vol. 53(3), pages 261-289, 08.
    5. Thomas Palley, 1998. "Macroeconomics with Conflict and Income Distribution," Review of Political Economy, Taylor & Francis Journals, vol. 10(3), pages 329-342.
    6. Ernesto Screpanti, 2000. "Wages, Employment, and Militancy: A Simple Model and Some Empirical Tests," Review of Radical Political Economics, Union for Radical Political Economics, vol. 32(2), pages 171-196, June.
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