Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/261006 
Year of Publication: 
2018
Series/Report no.: 
Working Paper No. 2018-05
Publisher: 
The University of Utah, Department of Economics, Salt Lake City, UT
Abstract: 
In this paper, I investigate the question of "the effect of progress upon distribution" based on the analyses of Hicks, Robinson, Harrod, Salter, Kaldor, Samuelson, and Kennedy. The paper aims to address a neglected and controversial theoretical argument on neutral technical progress related to the measure of value that preceded and then continued to the period of the Cambridge Capital Theory Controversy. I focus on Kennedy's writings and his solutions to the complications between the measure of value and technical progress. Important intuitions behind the measure of value are crucial to the formulation of neutral technical progress in both the post-Keynesian and the neoclassical-Keynesian endogenous growth models. The paper concludes with mathematical illustrations of neutral technical progress theories.
Subjects: 
Neutral balanced growth
Capital controversy
Growth and distribution
JEL: 
B22
O33
E12
Document Type: 
Working Paper

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