Technical progress and maturity in a Kaleckian model of growth with an endogenous employment rate
We develop a Kaleckian model of growth with an endogenous employment rate and investigate the features following Cassetti(2003) which has considered bargaining power of workers and firms and technical progress. We assume that both of the target wage share and the technical progress depend on the rate of change of employment rate, and they become zero in steady state. We also assume that capital accumulation is a decreasing function in employment to consider maturity which defines the present capitalism society. From the above refinements, we get results different from Cassetti(2003). An increase in the saving rate does not make the growth rate decrease, but the utilization decrease. In addition to that, an increase in the rate of labor productivity exerts a positive impact on growth.
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