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A Multi-Sector Version of the Post-Keynesian Growth Model

Ricardo Araujo () and Joanílio Teixeira ()

No 330, Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia from Departamento de Economia da Universidade de Brasilia

Abstract: With this inquiry we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration becomes possible to carry out the analysis initiated by Kaldor (1956) and Robinson (1956, 1962), and followed by Dutt (1984), Rowthorn (1982) and later Bhaduri and Marglin (1990) in a multi-sectoral model in which demand and productivity increase at different rates in each sector. By adopting this approach it is possible to show that the structural economic dynamics is conditioned not only to patterns of evolution of demand and diffusion of technological progress but also to the distributive features of the economy that can give rise to different regimes of economic growth. Besides we find it possible to determine the natural rate of profit that makes the mark-up rate to be constant over time.

Keywords: Post-Keynesian growth model; structural change; multi-sector models (search for similar items in EconPapers)
JEL-codes: E21 O11 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2010-11
New Economics Papers: this item is included in nep-fdg, nep-mac, nep-mic and nep-pke
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Working Paper: A multi-sector version of the Post-Keynesian growth model (2011) Downloads
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