From short-run macroeconomics to long-run distribution and growth: a systematic comparison of different paradigms and approaches

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Chapter 7 in Macroeconomics after Kalecki and Keynes, 2023, pp 216-241 from Edward Elgar Publishing

Abstract: Chapter 7 makes use of the method of model closures in order to present and distinguish different approaches to distribution and growth. Such approaches include the old and new neoclassical as well as the classical and orthodox Marxian distribution and growth theories, all driven by the supply side. As alternatives, this chapter focusses on several varieties of the demand driven post-Keynesian distribution and growth models, including the Kaldor-Robinson model, the Kalecki-Steindl approach with the post- and the neo-Kaleckian models, and finally the Sraffian supermultiplier model driven by non-capacity creating autonomous demand growth. In the context of the post-Kaleckian model, the important distinction between wage- and profit-led demand and growth is presented. Finally, also productivity growth and hence the growth of potential output are endogenised into a Kaleckian demand-led growth model.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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