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A Kaldorian Saving Function in a Two-sectoral Linear Growth Model

In: Nicholas Kaldor and Mainstream Economics

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  • H. Hagemann

Abstract

In retrospect, Kaldor saw the fundamental shortcomings of the post-Keynesian growth and distribution models on which he concentrated his analytical work in the 1950s and the early 1960s rooted in the fact that all these models were one-sector models.1 Instead he advocated a two-sectoral model as the basis for gaining a thorough understanding of the nature of the growth and distribution process in a developed capitalist economy. Already the young Kaldor (1938) in a pioneering paper had pointed our attention to the facts that complementarity between equipment and labor is characteristic for modern technique and that full employment not only presupposes a certain level of real income (effective demand) but also a certain composition of production between consumption and capital goods because of the specificity of most equipment.

Suggested Citation

  • H. Hagemann, 1991. "A Kaldorian Saving Function in a Two-sectoral Linear Growth Model," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 25, pages 449-468, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_25
    DOI: 10.1007/978-1-349-10947-0_25
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