Endogenous Technological Change and Distribution with Inter-Class Conflict: A Kaleckian Model of Growth
This paper presents a Kaleckian model of growth in which both technological change and income distribution are endogenously determined by inter-class conflict between capitalists and workers. Considering the adjustment speed of variables, we investigate the medium-run equilibrium and the long-run equilibrium. In the medium run, the rate of capital accumulation and the profit share are adjusted to the medium-run equilibrium. In the long run, the normal planned rate of capacity utilization and the growth rate of labor productivity are adjusted to the long-run equilibrium. In the analysis, two alternative investment functions are used: a Kalecki type investment function and a Marglin and Bhaduri (1990) type investment function. We show that different results are obtained both in the medium run and in the long run depending on which investment function is used.
|Date of creation:||Aug 2008|
|Date of revision:|
|Contact details of provider:|| Postal: Kawauchi, Aoba-ku, Sendai 980-8476|
Web page: http://www.econ.tohoku.ac.jp/econ/english/index.html
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Gilberto Tadeu Lima, 2004. "Endogenous Technological Innovation, Capital Accumulation And Distributional Dynamics," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 386-408, November.
- Srinivas Raghavendra, 2006. "Limits to Investment Exhilarationism," Journal of Economics, Springer, vol. 87(3), pages 257-280, 04.
- Mario Cassetti, 2006. "A note on the long-run behaviour of Kaleckian models," Review of Political Economy, Taylor & Francis Journals, vol. 18(4), pages 497-508.
- Amitava Krishna Dutt, 2006. "Aggregate Demand, Aggregate Supply and Economic Growth," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 319-336.
- Lavoie, Marc, 1995.
"The Kaleckian Model of Growth and Distribution and Its Neo-Ricardian and Neo-Marxian Critiques,"
Cambridge Journal of Economics,
Oxford University Press, vol. 19(6), pages 789-818, December.
- Lavoie, M., 1992. "The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques," Working Papers 9201e, University of Ottawa, Department of Economics.
- Engelbert Stockhammer, 2000.
"Is There an Equilibrium Rate of Unemployment in the Long Run?,"
geewp10, Vienna University of Economics and Business Research Group: Growth and Employment in Europe: Sustainability and Competitiveness.
- Engelbert Stockhammer, 2004. "Is there an equilibrium rate of unemployment in the long run?," Review of Political Economy, Taylor & Francis Journals, vol. 16(1), pages 59-77.
- Stockhammer, Engelbert & Onaran, Ozlem, 2004. "Accumulation, distribution and employment: a structural VAR approach to a Kaleckian macro model," Structural Change and Economic Dynamics, Elsevier, vol. 15(4), pages 421-447, December.
- You, Jong-Il, 1994. "Macroeconomic Structure, Endogenous Technical Change and Growth," Cambridge Journal of Economics, Oxford University Press, vol. 18(2), pages 213-34, April.
- Amit Bhaduri, 2006. "Endogenous economic growth: a new approach," Cambridge Journal of Economics, Oxford University Press, vol. 30(1), pages 69-83, January.
When requesting a correction, please mention this item's handle: RePEc:toh:tergaa:237. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Tohoku University Library)The email address of this maintainer does not seem to be valid anymore. Please ask Tohoku University Library to update the entry or send us the correct email address
If references are entirely missing, you can add them using this form.