A Neo-Kaldorian Approach to Structural Economic Dynamics
From a neo-Kaldorian perspective, this paper seeks to establish the concepts of demand and productivity regimes in an open version of the pure labour Pasinettian model. In order to derive the demand regime, a disaggregated version of the Keynesian multiplier is derived for an open economy, while the productivity regime is built in terms of disaggregated Kaldor-Verdoorn laws. The upshot is a multi-sector growth model of structural change and cumulative causation, in which an extended version of the Pasinettian model to foreign trade may be obtained as a particular case. Furthermore, we show that the evolution of demand patterns, while being affected by differential rates of productivity growth in different sectors of the economy, also play an important role in establishing the pace of technical progress.
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