Inequality, Growth and ‘Hot’ Money

Inequality, Growth and ‘Hot’ Money

New Directions in Post-Keynesian Economics series

Pablo G. Bortz

The growing levels of income inequality, an explosion of global financial flows, and a worldwide decline of economic growth have combined to challenge accepted economic wisdom. Utilizing a heterodox approach, Pablo G. Bortz provides a fresh look for understanding the interaction between these three factors while identifying challenges and possible alternatives for an expansionary and progressive economic policy.

Chapter 3: Growth and distribution: the Kaleckian perspective

Pablo G. Bortz

Subjects: economics and finance, development economics, post-keynesian economics


The chapter reviews the developments, criticisms, extensions and empirical applications of the Kaleckian model of growth and distribution. The chapter also includes an empirical estimation of different versions of the Kaleckian growth model for Argentina. Results show that the Argentine economy can be characterized as being wage-led, questioning the rationale for austerity and regressive redistributive policies as a mean to stimulate economic growth.

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