An examination of Joan Robinson's simple model: the Kaldor-Robinson's Cambridge Theorem

João Gabriel de Araujo Oliveira and Daniel Soares Fogo

Chapter 3 in Income Distribution, Economic Growth and Unemployment, 2025, pp 78-89 from Edward Elgar Publishing

Abstract: The central objective of this chapter is to investigate how Robinson's (1953) capital accumulation theory influenced Kaldor's (1956) theory of growth and income distribution, which culminated in the Cambridge Theorem. They stress that Robinson and Kaldor are responsible for the first generation of post-Keynesian long-period analysis. They further show that, in fact, the Cambridge Theorem inspired long-term macroeconomic models based on the functional distribution of income, being an alternative Keynesian solution to the Harrod-Domar “knife-edge” problem. Robinson's and Kaldor's solution to the latter emphasizes that economic growth only depends on the accumulation of capital, thus downplaying the role of workers in determining long-period equilibrium.

Keywords: Functional Income Distribution; Cambridge Theorem; History of Economic Thought (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035342556
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