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Convergence in a neo-Kaleckian model with endogenous technical progress and autonomous demand growth
Review of Keynesian Economics ( IF 1.8 ) Pub Date : 2019-07-01 , DOI: 10.4337/roke.2019.03.01
Won Jun Nah 1 , Marc Lavoie 2
Affiliation  

This paper introduces technical progress along the lines of the Kaldor–Verdoorn law within a neo-Kaleckian model of growth and distribution that incorporates the Sraffian supermultiplier mechanism. The key features of the model include the interactive effects of endogenous technical progress, the non-capacity-creating demand component that grows at an exogenous rate and, in its long-run version, a Harrodian adjustment mechanism. It turns out that, whereas the model converges towards the normal rate of capacity utilization, the main tenets of the Keynesian model are still valid in the long run as well as in the short run in the sense that all of the average rates of accumulation, capacity utilization, and technical progress are lower during the traverse after the propensity to save or the share of profits goes up. The conditions under which the productivity regime can be wage-led are examined, and the possible effects of an exogenous technical shift are also discussed.

中文翻译:

具有内生技术进步和自主需求增长的新卡莱克模型的收敛

本文介绍了在结合 Sraffian 超级乘数机制的新卡莱克增长和分配模型中,沿着卡尔多-维尔多恩定律的技术进步。该模型的主要特征包括内生技术进步的交互作用、以外生速度增长的非产能创造需求成分,以及在其长期版本中的哈罗德调整机制。事实证明,虽然该模型趋于正常的产能利用率,但凯恩斯模型的主要原则在长期和短期内仍然有效,因为所有平均积累率,在储蓄倾向或利润份额上升后,产能利用率和技术进步较低。
更新日期:2019-07-01
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