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Interest Rate, Distribution and Capital Accumulation — Post-Keynesian Models: Introduction to Part II

In: Money, Distribution Conflict and Capital Accumulation

Author

Listed:
  • Eckhard Hein

Abstract

In the second part of the book we will analyse the relationship between the monetary interest rate, functional income distribution and capital accumulation in more detail. The analysis will be based on Post-Keynesian approaches to distribution and growth. We will develop a basic model in which the long-run distribution and accumulation effects of monetary policies can be analysed and different variants of Post-Keynesian models can be compared. Following Post-Keynesian monetary theory, but also the Neo-Ricardian monetary theory of distribution and Marx’s monetary analysis, all of them outlined in the first part of the book, we will consider the interest rate as an exogenous variable for the processes of income generation and accumulation which is mainly controlled by the policies of the central bank. The volume of credit and the quantity of money are endogenous with respect to production, capital accumulation and growth. Money and credit are generated by the interaction of the central bank, commercial banks, firms and private households.

Suggested Citation

  • Eckhard Hein, 2008. "Interest Rate, Distribution and Capital Accumulation — Post-Keynesian Models: Introduction to Part II," Palgrave Macmillan Books, in: Money, Distribution Conflict and Capital Accumulation, chapter 8, pages 61-62, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59560-6_8
    DOI: 10.1057/9780230595606_8
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