A Post-Keynesian Guide
Chapter 8: Extending Kaleckian models II: technical progress
In the discussion of the Kaleckian distribution and growth models so far we have assumed that the production technology does not change during the growth process. This assumption will be dropped in this chapter, and the effects of technological progress on the long-run equilibrium will be analysed. Modern Kaleckian distribution and growth models have increasingly taken productivity growth and other supply-side considerations into account. For example, Rowthorn (1981), Taylor (1991, pp. 225–228), Lavoie (1992, pp. 316–327, 2014, chap. 6.9), You (1994), Cassetti (2003), Dutt (2003, 2006a, 2010b, 2010c), Raghavendra (2006), Hein and Tarassow (2010), Naastepad and Storm (2010), Sasaki (2011), Schutz (2012) and Storm and Naastepad (2012, 2013) have introduced endogenous productivity growth into different variants of the Kaleckian model. And the studies by Naastepad (2006) on the Netherlands and by Hartwig (2013) on Switzerland, already referred to in the review of demand regime estimations in Chapter 7 of this book, have included productivity growth issues in their empirical estimations for these countries as well. The present chapter builds on this recent theoretical and empirical literature on productivity growth in Kaleckian models. We will integrate productivity growth into the post-Kaleckian Bhaduri/Marglin (1990) model.
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