On Kaldor and Pensions

Christos Pitelis

Cambridge Journal of Economics, 1997, vol. 21, issue 4, 469-82

Abstract: In this paper, the 'kaldorian saving function' on differential propensities between household and corporate income is restated and extended to account for saving through occupational pension funds. The extended hypothesis is then tested and compared to Nicholas Kaldor's own, using recent U.K. data. Solid support is found for the Kaldorian hypothesis and the extended 'corporate capitalism saving function.' The author's findings cast doubt on the life cycle and related hypotheses on savings. They also raise interesting questions about neoclassical and post-Keynesian theories of growth and distribution. Copyright 1997 by Oxford University Press.

Date: 1997
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