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Models of structural change and Kaldor’s facts: Critical survey from the Cambridge Keynesian perspective
Structural Change and Economic Dynamics ( IF 5.0 ) Pub Date : 2021-06-01 , DOI: 10.1016/j.strueco.2021.05.010
Kazuhiro Kurose

This study addresses the new research agenda of reconciling structural change with Kaldor’s facts. The mainstream economics interprets the facts as a state at which the economy grows along the generalised balanced growth path. Sectors in multi-sectoral models can be aggregated since the specific functions are used. The motions of aggregate variables can be described by the two-dimensional differential system of equations, as in Ramsey’s model, which has the uniquely (saddle-path) stable steady state. We argue that the mainstream strategy is far from Kaldor’s thoughts and has difficulty analysing structural change of heterogeneous capital. When the Cambridge Keynesian perspective based on Pasinetti’s structural dynamics is applied to the reconciliation, we can expect that structural change of heterogeneous capital can be analysed and the need of institutional changes must be followed by structural change to maintain full employment, whereas the mainstream reconciliation is achieved through the market mechanism.



中文翻译:

结构变化模型和卡尔多事实:剑桥凯恩斯主义视角的批判性调查

这项研究解决了协调结构变化与 Kaldor 事实的新研究议程。主流经济学将事实解释为经济沿着广义均衡增长路径增长的状态. 由于使用了特定功能,因此可以汇总多部门模型中的部门。集合变量的运动可以用二维微分方程组来描述,如在拉姆齐模型中,它具有唯一的(鞍形路径)稳定稳态。我们认为主流战略与卡尔多的思想相去甚远,难以分析异质资本的结构变化。当基于帕西内蒂结构动力学的剑桥凯恩斯主义视角应用于和解时,我们可以预期可以分析异质资本的结构变化,在制度变迁的需要之后必须进行结构性变革以维持充分就业,而主流的和解是通过市场机制实现。

更新日期:2021-06-20
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