A multi-sector version of the Post-Keynesian growth model

Ricardo Araujo and Joanílio Teixeira (joanilioteixeira@hotmail.com)

MPRA Paper from University Library of Munich, Germany

Abstract: With this inquiry we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration it becomes possible to carry out the analysis initiated by Kaldor (1956) and Robinson (1956, 1962), and followed by Dutt (1984), Rowthorn (1982) and later Bhaduri and Marglin (1990) in a multi-sectoral model in which demand and productivity increase at different paces in each sector. By adopting this approach it is possible to show that the structural economic dynamics is conditioned not only to patterns of evolving demand and diffusion of technological progress but also to the distributive features of the economy, which can give rise to different regimes of economic growth. Besides, we find it possible to determine the natural rate of profit that makes the mark-up rate to be constant over time.

Keywords: Post-Keynesian growth model; structural change; multi-sector models (search for similar items in EconPapers)
JEL-codes: D33 E11 O11 (search for similar items in EconPapers)
Date: 2011-04-14
New Economics Papers: this item is included in nep-fdg, nep-hme and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Working Paper: A Multi-Sector Version of the Post-Keynesian Growth Model (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:30331

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