Profit-Rate Equalization in the Kalecki-Steindl Model and the "Over-Determination" Problem
Amitava Dutt ()
The Manchester School of Economic & Social Studies, 1997, vol. 65, issue 4, 443-51
This note points out that the 'overdetermination' problem discovered by M.-S. Park in Kalecki-Steindl (KS) models is not a problem intrinsic to KS models and can easily be removed if one introduces a mechanism involving classical competition into them. The solution to the problem suggested by Park using a moving average interpretation is, therefore, unnecessary and it also does not provide an adequate solution to the overdetermination problem. However, the interpretation does serve to clarify the meaning of long-run equilibria in KS models. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
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