The Piketty-Kaldor paradox of growth: Reply to Medlen

Alan Day Haight

Journal of Post Keynesian Economics, 2017, vol. 40, issue 4, 636-637

Abstract: Despite the yawning gap between their time horizons, there are a few interesting similarities between Piketty and Keynes. A graph of the Piketty-Kaldor paradox of growth (where a lower growth rate leads to a higher saving rate) is similar to the familiar graph of the Keynesian paradox of thrift (where a lower saving rate leads to higher investment). Keynes showed that cautious spending can lead to recession, and Piketty showed that cautious growth can lead to maldistribution.

Date: 2017
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DOI: 10.1080/01603477.2017.1372205

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