Kaldor’s Macro System: Too Much Cumulation, Too Few Contradictions

D. M. Gordon

Chapter 28 in Nicholas Kaldor and Mainstream Economics, 1991, pp 518-548 from Palgrave Macmillan

Abstract: Abstract The late Lord Nicholas Kaldor made seminal and pivotal contributions to our understanding of the sources and character of trend and cycle in advanced capitalist countries. And yet we still lack a firm basis for evaluating the relative usefulness or explanatory power of Kaldor’s ideas. This paper attempts to provide one foundation for such an evaluation, constructing and evaluating the properties of a macroeconometric model of the US economy which embodies the central features of Kaldor’s macro system.

Keywords: Productivity Growth; Output Growth; Nominal Wage; Wage Growth; Unit Labor Cost (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_28

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DOI: 10.1007/978-1-349-10947-0_28

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