Theoretical and empirical shortcomings of the Kaleckian investment function

Peter Skott

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: The specification of the accumulation function is critical for the properties and implications of structuralist and post-Keynesian models. A large Kaleckian literat- ure assumes that investment is relatively insensitive to variations in the utilization rate of capital, and this extension of a standard short-run "Keynesian stability con- dition" to the long run has been defended by Lavoie and Dutt, among others. This paper examines the theoretical and empirical arguments for and against a Kaleckian specification. JEL Categories: E12, E32

Keywords: Kalecki; Harrod; investment function; stability; post keynesian theory; utilization rate; excess capacity (search for similar items in EconPapers)
Date: 2008-08, Revised 2009-12
New Economics Papers: this item is included in nep-mac and nep-pke
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Citations: View citations in EconPapers (7)

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Related works:
Journal Article: THEORETICAL AND EMPIRICAL SHORTCOMINGS OF THE KALECKIAN INVESTMENT FUNCTION (2012)
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