Harrodian instability and the 'normal rate' of capacity utilization in kaleckian models of distribution and growth-a survey

Metroeconomica

Volumn 63, Issue 1, 2012, Pages 139-169

  Hein, Eckhard ^a   Lavoie, Marc ^b   van Treeck, Till ^c  

^a BERLIN SCHOOL OF ECONOMICS AND LAW   (Germany)

^b UNIVERSITY OF OTTAWA   (Canada)

^c Institut fur Makrookonomie und Konjunkturforschung   (Germany)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84855587009     PISSN: 00261386     EISSN: 1467999X     Source Type: Journal    
DOI: 10.1111/j.1467-999X.2010.04106.x     Document Type: Article

References (71)

1. Allain, P., Canry, N. (2008): 'Growth, capital scrapping, and the rate of capacity utilisation', Working paper presented at the 12th conference of the Research Network Macroeconomics and Macroeconomic Policies, Berlin.
2. Amadeo, E. J. (1986): 'The role of capacity utilization in long-period analysis', Political Economy: Studies in the Surplus Approach, 2 (2), pp. 147-59.
3. Amadeo, E. J. (1987): 'Expectations in a steady-state model of capacity utilization', Political Economy: Studies in the Surplus Approach, 3, pp. 75-89.
4. Argitis, G. (2009): 'Inflation targeting and Keynes's political economy', Journal of Post Keynesian Economics, 31, pp. 249-70.
5. Auerbach, P., Skott, P. (1988): 'Concentration, competition and distribution', International Review of Applied Economics, 2 (1), pp. 42-61.
6. Caserta, M. (1990): 'The steady-state model of capital utilisation: a comment', Studi Economici, 41 (2), pp. 139-53.
7. Cassetti, M. (2006): 'A note on the long-run behaviour of Kaleckian models', Review of Political Economy, 18 (4), pp. 497-508.
8. Charles, S. (2008): 'Corporate debt, variable retention rate and the appearance of financial fragility', Cambridge Journal of Economics, 32 (5), pp. 781-95.
9. Chick, V., Caserta, M. (1997): 'Provisional equilibrium in macroeconomic theory', in Arestis, P., Palma, G., Sawyer, M. (eds): Capital Controversy, Post-Keynesian Economics and the History of Economic Thought: Essays in Honour of Geoff Harcourt, Routledge, London.
10. Commendatore, P. (2006): 'Are Kaleckian models relevant for the long run?', in Salvadori, N., Panico, C. (eds): Classical, Neoclassical and Keynesian Views on Growth and Distribution, Edward Elgar, Cheltenham.
11. Committeri, M. (1986): 'Some comments on recent contributions on capital accumulation, income distribution and capacity utilization', Political Economy, 2 (2), pp. 161-86.
12. Corrado, C., Mattey, J. (1997): 'Capacity utilization', Journal of Economic Perspectives, 11 (1), pp. 151-67.
13. Crotty, J. (1990): 'Owner-management conflict and financial theories of investment instability: a critical assessment of Keynes, Tobin, and Minsky', Journal of Post Keynesian Economics, 12 (4), pp. 519-42.
14. Dallery, T. (2007): 'Kaleckian models of growth and distribution revisited: evaluating their relevance through simulations', Working paper presented at the 11th conference of the Research Network Macroeconomics and Macroeconomic Policies, Berlin.
15. Dallery, T., van Treeck, T. (forthcoming): 'Conflicting claims and equilibrium adjustment processes in a stock-flow consistent macro model', Review of Political Economy.
16. Del Monte, A. (1975): 'Grado di monopolio e sviluppo economico', Rivista Internazionale di Scienze Sociali, 83 (3), pp. 261-83.
17. Duménil, G., Lévy, D. (1995): 'A post-Keynesian long-term equilibrium with equalized profit rates? A rejoinder to Amitava Dutt's synthesis', Review of Radical Political Economics, 27 (2), pp. 135-41.
18. Duménil, G., Lévy, D. (1999): 'Being Keynesian in the short term and classical in the long term: the traverse to classical long-term equilibrium', The Manchester School, 67 (6), pp. 684-716.
19. Dutt, A. K. (1984): 'Stagnation, income distribution and monopoly power', Cambridge Journal of Economics, 8 (1), pp. 25-40.
20. Dutt, A. K. (1990): Growth, Distribution and Uneven Development, Cambridge University Press, Cambridge.
21. Dutt, A. K. (1997): 'Equilibrium, path dependence and hysteresis in Post-Keynesian models', in Arestis, P., Palma, G., Sawyer, M. (eds): Capital Controversy, Post-Keynesian Economics and the History of Economic Thought: Essays in Honour of Geoff Harcourt, 2, Routledge, London.
22. Dutt, A. K. (2010): 'Equilibrium, stability and path dependence in Post Keynesian models of economic growth', in Birolo, A., Foley, D., Kurz, H. D., Schefold, B., Steedman, I. (eds): Production, Distribution and Trade: Alternative Perspectives. Essays in Honour of Sergio Parrinello, Routledge, London.
23. Eichner, A. S. (1976): The Megacorp & Oligopoly: Micro Foundations of Macro Dynamics, Cambridge University Press, Cambridge.
24. Galbraith, J. K. (1967): The New Industrial State, Pelican Books, Harmonsworth, Middlesex.
25. Godley, W., Lavoie, M. (2007): Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, Palgrave Macmillan, London.
26. Hein, E. (2006a): 'Wage bargaining and monetary policy in a Kaleckian monetary distribution and growth model: trying to make sense of the NAIRU', Intervention. Journal of Economics, 3 (2), pp. 305-29.
27. Hein, E. (2006b): 'On the (in-)stability and the endogeneity of the "normal" rate of capacity utilisation in a post-Keynesian/Kaleckian "monetary" distribution and growth model', Indian Development Review, 4 (1), pp. 129-50.
28. Hein, E. (2006c): 'Interest, debt and capital accumulation-a Kaleckian approach', International Review of Applied Economics, 20 (3), pp. 337-52.
29. Hein, E. (2008): Money, Distribution Conflict and Capital Accumulation. Contributions to 'Monetary Analysis', Palgrave Macmillan, Basingstoke.
30. Hein, E., Lavoie, M., van Treeck, T. (2010): 'Some instability puzzles in Kaleckian models of growth and distribution: a critical survey', Cambridge Journal of Economics, advance access, doi:10.1093/cje/beq026.
31. Hein, E., Ochsen, C. (2003): 'Regimes of interest rates, income shares, savings, and investment: a Kaleckian model and empirical estimations for some advanced OECD-economies', Metroeconomica, 54 (4), pp. 404-33.
32. Hein, E., Schoder, C. (2009): 'Interest rates, distribution and capital accumulation-a Post-Kaleckian perspective on the US and Germany', IPE working paper, 4/2009, Institute for International Political Economy, Berlin School of Economics and Law.
33. Hein, E., Stockhammer, E. (2009): 'A Post-Keynesian macroeconomic policy mix as an alternative to the New Consensus approach', in Arestis, P., McCombie, J. (eds): Unemployment: Past and Present, Palgrave Macmillan, Basingstoke.
34. Hein, E., Stockhammer, E. (2010): 'Macroeconomic policy mix, employment and inflation in a Post-Keynesian alternative to the New Consensus model', Review of Political Economy, 22 (3), pp. 317-54.
35. Hicks, J. (1974): The Crisis in Keynesian Economics, Basil Blackwell, Oxford.
36. Kaldor, N. (1934): 'A classificatory note on the determinateness of equilibrium', Review of Economic Studies, 1 (2), pp. 122-36.
37. Kalecki, M. (1937): 'The principle of increasing risk', Economica, 4, pp. 440-7.
38. Kalecki, M. (1954): Theory of Economic Dynamics, Allen and Unwin, London.
39. Kim, J. H. (2006): 'Demand-led growth and long-run convergence in a two-sector model', ROBINSON working paper, Ottawa.
40. Koutsoyiannis, A. (1975): Modern Microeconomics, Macmillan, London.
41. Kriesler, P., Lavoie, M. (2007): 'The New Consensus on monetary policy and its Post-Keynesian critique', Review of Political Economy, 19 (3), pp. 387-404.
42. Kurz, H. D. (1986): 'Normal positions and capital utilization', Political Economy, 2 (1), pp. 37-54.
43. Kurz, H. D. (1993): 'Modèles classiques et projet keynésien: réponse à C. Tutin', Cahiers d'Économie Politique, 22, pp. 93-103.
44. Kurz, H. D. (1994): 'Growth and distribution', Review of Political Economy, 6 (4), pp. 393-420.
45. Lavoie, M. (1992): Foundations of Post-Keynesian Economic Analysis, Edward Elgar, Aldershot.
46. Lavoie, M. (1995a): 'The Kaleckian model of growth and distribution and its neo-Ricardian and neo-Marxian critiques', Cambridge Journal of Economics, 19 (6), pp. 789-818.
47. Lavoie, M. (1995b): 'Interest rates in post-Keynesian models of growth and distribution', Metroeconomica, 46 (2), pp. 146-77.
48. Lavoie, M. (1996): 'Traverse, hysteresis and normal rates of capacity utilization in Kaleckian models of growth and distribution', Review of Radical Political Economics, 28 (4), pp. 113-47.
49. Lavoie, M. (2002): 'The Kaleckian growth model with target return pricing and conflict inflation', in Setterfield, M. (ed.): The Economics of Demand-led Growth, Edward Elgar, Cheltenham.
50. Lavoie, M. (2003): 'Kaleckian effective demand and Sraffian normal prices: towards a reconciliation', Review of Political Economy, 15 (1), pp. 53-74.
51. Lavoie, M. (2010): 'Surveying long-run and short-run stability issues with the Kaleckian model of growth', in Setterfield, M. (ed.): Handbook of Alternative Theories of Economic Growth, Edward Elgar, Cheltenham.
52. Lavoie, M., Kriesler, P. (2007): 'Capacity utilization, inflation and monetary policy: the Duménil and Lévy macro model and the New Consensus', Review of Radical Political Economics, 39 (4), pp. 586-98.
53. McElhattan, R. (1978): 'Estimating a stable-inflation-capacity-utilization-rate', Federal Reserve Bank of San Francisco Economic Review, 78 (Fall), pp. 20-30.
54. Missaglia, M. (2007): 'Demand policies for long-run growth: being Keynesian both in the short and in the long run?', Metroeconomica, 58 (1), pp. 74-94.
55. Palumbo, A., Trezzini, A. (2003): 'Growth without normal capacity utilization', European Journal of the History of Economic Thought, 10 (1), pp. 109-35.
56. Park, M. S. (1997): 'Accumulation, capacity utilisation and distribution', Contributions to Political Economy, 16, pp. 87-101.
57. Penrose, E. T. (1959): The Theory of the Growth of the Firm, John Wiley, New York.
58. Robinson, J. (1956): The Accumulation of Capital, Macmillan, London.
59. Rowthorn, B. (1981): 'Demand, real wages and economic growth', Thames Papers in Political Economy, Autumn, pp. 1-39.
60. Setterfield, M. (1993): 'Towards a long-run theory of effective demand: modeling macroeconomic systems with hysteresis', Journal of Post Keynesian Economics, 15 (3), pp. 347-64.
61. Shaikh, A. (2009): 'Economic policy in a growth context: a classical synthesis of Keynes and Harrod', Metroeconomica, 60 (3), pp. 455-94.
62. Skott, P. (1989): Conflict and Effective Demand in Economic Growth, Cambridge University Press, Cambridge.
63. Skott, P. (2008a): 'Investment functions, stability and the reserve army of labor', Mimeo.
64. Skott, P. (2008b): 'Theoretical and empirical shortcomings of the Kaleckian investment function', Working paper, University of Massachusetts, Amherst.
65. Skott, P. (2010): 'Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution', in Setterfield, M. (ed.): Handbook of Alternative Theories of Economic Growth, Edward Elgar, Cheltenham.
66. Skott, P., Ryoo, S. (2008): 'Macroeconomic implications of financialisation', Cambridge Journal of Economics, 32, pp. 827-62.
67. Steindl, J. (1952): Maturity and Stagnation in American Capitalism, Basil Blackwell, Oxford.
68. Steindl, J. (1979): 'Stagnation theory and stagnation policy', Cambridge Journal of Economics, 3 (1), pp. 1-14.
69. Stockhammer, E. (20056): 'Shareholder value orientation and the investment-profit puzzle', Journal of Post Keynesian Economics, 28 (2), pp. 193-215.
70. Taylor, L. (1983): Structuralist Macroeconomics, Basic Books, New York.
71. Wood, A. (1975): A Theory of Profits, Cambridge University Press, Cambridge.