Neutral technical progress and the measure of value: along the Kaldor–Kennedy line

Up Sira Nukulkit

Cambridge Journal of Economics, 2019, vol. 43, issue 5, 1315-1332

Abstract: In this paper, I investigate the question of ‘the effect of progress upon distribution’ based on the analyses of Hicks, Robinson, Harrod, Salter, Kaldor, Samuelson and Kennedy. The paper aims to address a neglected and controversial theoretical argument on neutral technical progress related to the measure of value that preceded and then continued to the period of the Cambridge Capital Theory Controversy. I focus on Kennedy’s writings and his solutions to the complications between the measure of value and technical progress. Important intuitions behind the measure of value are crucial to the formulation of neutral technical progress in both the post-Keynesian and the neoclassical-Keynesian endogenous growth models. The paper concludes with mathematical illustrations of neutral technical progress theories.

Keywords: Neutral balanced growth; Capital controversy; Growth and distribution (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/cje/bey050 (application/pdf)
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: https://EconPapers.repec.org/RePEc:oup:cambje:v:43:y:2019:i:5:p:1315-1332.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().