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Title:Financialization in Kaleckian economies with and without labor constraints PDF Logo
Authors:Ryoo, Soon
Skott, Peter
Issue Date:2008
Series/Report no.:Working Paper, University of Massachusetts, Department of Economics 2008-05
Abstract:Most Kaleckian models assume a perfectly elastic labor supply, an assumption that is questionable for many developed economies. This paper presents simple labor-constrained Kaleckian models and uses these models to compare the implications of financialization under labor-constrained and dual-economy conditions. The paper complements the analysis in Skott and Ryoo (2008) which did not include labor-constrained Kaleckian economies. We show that for plausible parameter values the financial changes commonly associated with fiancialization tend to be expansionary in both dual-economy and labor-constrained settings.
Subjects:financialization
stock-flow consistency
labor constraints
Kaleckian model
JEL:E12
E44
Document Type:Working Paper
Appears in Collections:Working Papers, Department of Economics, University of Massachusetts

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