Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/130245
Authors: 
Hein, Eckhard
Year of Publication: 
2016
Series/Report no.: 
Working Paper, Institute for International Political Economy Berlin 66/2016
Abstract: 
Starting from a review of the main strands of orthodox and heterodox distribution and growth models and their distinguishing features, with the post-Kaleckian Bhaduri/Marglin (1990) (and Kurz 1990) model as a specific, but highly flexible variant of heterodox distribution and growth theories, we develop a simple modelling framework in which we can treat these different theories as different variants of model closure. In a simple closed private one-good economy model, each theory is presented drawing on the relationship between the rate of profit and the rate of growth, as well as on the consideration of one major adjusting variable allowing for the convergence of the endogenous variables of the model to their equilibrium values. This allows for a systematic comparison of exogenous and endogenous variables, of the 'logic' or the chain of causalities in each of the approaches, and of the generation of the long-run equilibrium positions of the system. It is finally shown that the post-Kaleckian model is able to cover many, but not all of the results generated by the old neoclassical growth model, new neoclassical growth theories, classical/Marxian distribution and growth approaches, and post-Keynesian Kaldor-Robinson and Kalecki-Steindl distribution and growth theories.
Subjects: 
distribution
growth
model comparison
Bhaduri/Marglin model
JEL: 
E21
E22
E25
O41
Document Type: 
Working Paper

Files in This Item:
File
Size
776.63 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.