Pricing, Finance and Stagnation: a Model in the Spirit of Kaldor, Kalecki and Keynes
The interactions between real and securities markets are investigated when the degree of monopoly increases. An elaboration of Kaldor's neo-Pasinetti model is used to analyse the relationship between consumption, investment, capital gains and the prices of securities. There are two principal conclusions. First, the finding of Kalecki and Steindl that an increase in the mark-up means a higher profit share and reduced output may be attenuated or even reversed. Second, in the financial market complex dynamics can be induced by the initial change in the commodity market. Several avenues for future research are indicated.
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