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La demanda agregada y la distribución del ingreso: Un estudio a partir de los modelos de crecimiento kaleckianos
[Aggregate Demand and Income Distribution: A Kaleckian Growth Model Approach]

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  • Loaiza Quintero, O.L.

Abstract

The aim of this paper is to study the mechanisms through which aggregate demand and income distribution affect the rate of growth, in a post-keynesian framework rooted in the works of Michal Kalecki. Thus, this paper addresses some issues that are put aside by neoclassical theory, which focuses on supply side phenomena to explain growth. The Say’s law refusal implied by the framework employed allows to determine the influence that demand exerts on economic growth, which also depends upon the sensibility of saving and investment decisions to changes in the income shares of workers and capitalists.

Suggested Citation

  • Loaiza Quintero, O.L., 2011. "La demanda agregada y la distribución del ingreso: Un estudio a partir de los modelos de crecimiento kaleckianos [Aggregate Demand and Income Distribution: A Kaleckian Growth Model Approach]," MPRA Paper 42667, University Library of Munich, Germany, revised 01 Apr 2011.
    • Handle: RePEc:pra:mprapa:42667
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Eckhard Hein, 2007. "Interest Rate, Debt, Distribution And Capital Accumulation In A Post‐Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 58(2), pages 310-339, May.
    3. Eckhard Hein & Artur Tarassow, 2010. "Distribution, aggregate demand and productivity growth: theory and empirical results for six OECD countries based on a post-Kaleckian model," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 34(4), pages 727-754.
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    6. Mark Setterfield, 2003. "Supply and Demand in the Theory of Long-run Growth: Introduction to a symposium on demand-led growth," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 23-32.
    7. Marc Lavoie, 1995. "Interest Rates In Post-Keynesian Models Of Growth And Distribution," Metroeconomica, Wiley Blackwell, vol. 46(2), pages 146-177, June.
    8. Engelbert Stockhammer & Özlem Onaran & Stefan Ederer, 2009. "Functional income distribution and aggregate demand in the Euro area," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(1), pages 139-159, January.
    9. Engelbert Stockhammer, 1999. "Robinsonian and Kaleckian Growth. An Update on Post-Keynesian Growth Theories," Department of Economics Working Papers wuwp067, Vienna University of Economics and Business, Department of Economics.
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    16. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16.
    17. Sawyer, Malcolm, 2001. "Kalecki on Imperfect Competition, Inflation and Money: Review Article," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(2), pages 245-261, March.
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    More about this item

    Keywords

    Economic Growth; demand; neoclassical theory; post-keynesian theory; Say’s law; income distribution;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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