Chapter 3: Growth and distribution: the Kaleckian perspective
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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