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Models of Structural Change and Kaldor's Facts: Critical Survey from the Cambridge Keynesian Perspective

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  • Kazuhiro Kurose

Abstract

This study addresses the reconciliation of structural change with Kaldor's facts, which is a new research agenda in this area. The mainstream reconciliation strategy is that the facts are interpreted as a state at which the economy grows along the generalised balanced growth path and multi-sectoral models are transformed into the one-sectoral model that has the uniquely (saddle-path) stable steady state. We argue that the main- stream strategy is far from Kaldor's own thoughts and overlooks structural change in physical capital. The Cambridge Keynesian reconciliation based on Pasinetti's struc- tural dynamics demonstrates that structural change inevitably accompanies changes in socialinstitutionstomaintainfullemployment,whereasthemainstreamreconciliation is achieved entirely through the market mechanism.

Suggested Citation

  • Kazuhiro Kurose, 2021. "Models of Structural Change and Kaldor's Facts: Critical Survey from the Cambridge Keynesian Perspective," TERG Discussion Papers 443, Graduate School of Economics and Management, Tohoku University.
    • Handle: RePEc:toh:tergaa:443
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    File URL: http://hdl.handle.net/10097/00130262
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