We analyze the paradox of thrift in a two-sector Kaleckian growth model. We consider an economy with one consumption and one investment good, differential sectoral mark-ups and profit rates equalization. We show that when the investment function depends on aggregate capacity utilization and on the aggregate profit share (the Bhaduri–Marglin investment function) the paradox of thrift in its growth version may fail if mark-ups are higher in the investment good sector. In this case, an increase in the saving rate produces a reallocation of economic activity toward the investment good sector; the aggregate profit share rises and its positive effect on investment may offset the reduction in average capacity utilization if investment is relatively more sensitive to profitability than to the level of activity.

中文翻译：

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两部门卡莱克增长模型中的节俭悖论

我们分析了两部门卡莱克增长模型中的节俭悖论。我们考虑一种消费和一种投资品、不同部门加价和利润率均等的经济。我们表明，当投资函数取决于总产能利用率和总利润份额（Bhaduri-Marglin 投资函数）时，如果投资品部门的加价率更高，则增长版本中的节俭悖论可能会失败。在这种情况下，储蓄率的提高导致经济活动向投资品部门重新分配；如果投资对盈利能力比对活动水平更敏感，则总利润份额上升及其对投资的积极影响可能抵消平均产能利用率的下降。