A Kaldorian Saving Function in a Two-sectoral Linear Growth Model

Harald Hagemann

Chapter 25 in Nicholas Kaldor and Mainstream Economics, 1991, pp 449-468 from Palgrave Macmillan

Abstract: Abstract In retrospect, Kaldor saw the fundamental shortcomings of the post-Keynesian growth and distribution models on which he concentrated his analytical work in the 1950s and the early 1960s rooted in the fact that all these models were one-sector models.1 Instead he advocated a two-sectoral model as the basis for gaining a thorough understanding of the nature of the growth and distribution process in a developed capitalist economy. Already the young Kaldor (1938) in a pioneering paper had pointed our attention to the facts that complementarity between equipment and labor is characteristic for modern technique and that full employment not only presupposes a certain level of real income (effective demand) but also a certain composition of production between consumption and capital goods because of the specificity of most equipment.

Keywords: Income Distribution; Natural Rate; Full Employment; Profit Share; Profit Rate (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-10947-0_25

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DOI: 10.1007/978-1-349-10947-0_25

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