The paradox of technological progress, growth, distribution, and employment in a demand-led framework

Hiroaki Sasaki

Journal of Post Keynesian Economics, 2025, vol. 48, issue 3, 542-574

Abstract: This study builds a Kaleckian model that incorporates endogenous technological progress and investigates how a change in a parameter that directly fosters technological progress affects growth and distribution. In some cases, firms’ attempt to foster technological progress consequently decreases the long-run rates of technological progress and economic growth, which is a kind of the fallacy of synthesis: even if firms attempt to allocate resources to technological progress, it consequently causes a decline in the wage share, which in turn leads to a decrease in the technological progress rate (i.e., paradox of technological progress) and economic growth rate.

Date: 2025
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Working Paper: The Paradox of Technological Progress, Growth, Distribution, and Employment in a Demand-led Framework (2024)
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DOI: 10.1080/01603477.2025.2482529

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