Economics at your fingertips  

Wealth and wealth distribution in the neo-Kaleckian growth model

Thomas Palley

Journal of Post Keynesian Economics, 2012, vol. 34, issue 3, 453-474

Abstract: This paper explores the implications of wealth distribution for neo-Kaleckian growth theory. Incorporating wealth distribution as an endogenous variable provides a theoretical framework that unifies Cambridge, neo-Ricardian, and neo-Kaleckian growth theory. The model expands on Dutt (1990) by introducing a richer description of capital accumulation and a consumption wealth effect. This introduces concerns regarding wage- and profit-led economies that change the comparative static properties. In addition, the paper introduces managerial pay, multiple asset classes, and multiple classes of wealth holders. Introducing managerial pay undoes Pasinetti's (1962) theorem regarding the irrelevance of worker saving behavior for income distribution and growth.

Date: 2012
References: Add references at CitEc
Citations: View citations in EconPapers (20) Track citations by RSS feed

Downloads: (external link) (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Ordering information: This journal article can be ordered from

Access Statistics for this article

More articles in Journal of Post Keynesian Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

Page updated 2019-10-19
Handle: RePEc:mes:postke:v:34:y:2012:i:3:p:453-474