Economics at your fingertips  

A Keynes-Kalecki Model of Cyclical Growth with Agent-Based Features

Mark Setterfield and Andrew Budd

Chapter 13 in Microeconomics, Macroeconomics and Economic Policy, 2011, pp 228-250 from Palgrave Macmillan

Abstract: Abstract Throughout his career, Malcolm Sawyer has maintained an active interest in the development and promulgation of Kaleckian macroeconomics. In Macro-Economics in Question (Sawyer, 1982), he advocated a Kaleckian alternative to mainstream Keynesianism and monetarism, featuring: (i) explicit description of cost-plus pricing by firms and wage bargaining by workers in a non-marginalist theory of value and distribution; and (ii) the importance of both accelerator effects and (following Kalecki’s principle of increasing risk) the rate of profit for the determination of aggregate investment. Both of these are now staple features of the canonical Kaleckian model of growth and distribution.1

Keywords: Capital Stock; Capacity Utilisation; Representative Agent; Animal Spirit; Cyclical Growth (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (5)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: A Keynes-Kalecki Model of Cyclical Growth with Agent-Based Features (2010) Downloads
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:

Ordering information: This item can be ordered from

DOI: 10.1057/9780230313750_13

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

Page updated 2024-06-14
Handle: RePEc:pal:palchp:978-0-230-31375-0_13