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Normal utilization rate in the Sraffa framework

Biao Huang

Metroeconomica, 2020, vol. 71, issue 4, 767-780

Abstract: This paper deals with the normal utilization rate in the Sraffa framework. It further presents two arguments about the utilization controversy surrounding the neo‐Kaleckian theory of growth and distribution: First, it shows that the normal utilization rate is generally not independent of demand and the growth rate, and this result does not rely on the neo‐classical production function and other restrictive assumptions. Second, it argues that endogenizing the normal utilization rate is not a general solution for the utilization controversy.

Date: 2020
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Handle: RePEc:bla:metroe:v:71:y:2020:i:4:p:767-780