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Department of Economics, WU (Wirtschaftsuniversität Wien) Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)

No 67:
Robinsonian and Kaleckian Growth. An Update on Post-Keynesian Growth Theories

Engelbert Stockhammer ()

Abstract: The aim of the paper is to give an overview over basic models of Post-Keynesian growth theory. Two major families of growth models are discussed, one developed by Joan Robinson, the other by Michal Kalecki. Both share an independent investment function that depends on income distribution and a savings function that depends on income distribution. The core difference that the Robinsonian model assumes full capacity utilization in the long run, while the Kaleckian model has capacity utilization as an endogenous variable. The characteristics of these models and in particular the effects of changes in the savings propensity and the relation between distribution and growth are highlighted and contrasted. A short run Keynes- Kalecki model is as a benchmark case.

October 1999

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