A note on the long-run behaviour of Kaleckian models

Mario Cassetti

Review of Political Economy, 2006, vol. 18, issue 4, 497-508

Abstract: This paper discusses the mechanisms that drive Kaleckian models towards their long-run equilibria. After an exposition of a recent version of the Kaleckian model and of its medium-run solution, we show that the utilization and profit rates may converge endogenously toward their normal values. The model's stability conditions and the possibility of hysteresis effects are then discussed. It turns out that the main Kaleckian results can be extended to the long run.

Date: 2006
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DOI: 10.1080/09538250600915683

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