The Kaleckian-post-Keynesian (KPK) models

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Chapter 5 in Income Distribution, Growth and Unemployment, 2022, pp 63-72 from Edward Elgar Publishing

Abstract: The introduction of an endogenous aggregate demand makes capacity utilization the adjusting variable between aggregate demand and supply. This is at the root of any Kaleckian models, which play a dominant role in the income distribution debate (IDD). They can easily generate wage-led models, which, supplemented by a goods led market income distribution can generate stability Many changes and adaptation have been suggested in time in order to both generalize this dynamic result and the long-run endogeneity of capacity utilization, feeding the so called Kaleckian- Post-Keynesian tradition. In the present model, these results are obtained by adding an endogenous natural rate supply. In particular, the dynamics can generate bounded and persistent fluctuations for different combinations of the distributive loop. In a 3-D dimension, these results can be obtained analytically.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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