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Erscheinungsjahr: 
2008
Quellenangabe: 
[Journal:] Intervention. European Journal of Economics and Economic Policies [ISSN:] 2195-3376 [Volume:] 05 [Issue:] 2 [Year:] 2008 [Pages:] 357-386
Verlag: 
Metropolis-Verlag, Marburg
Zusammenfassung: 
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 financialization tend to be expansionary in both dual-economy and labor-constrained settings.
Schlagwörter: 
financialization
stock-flow consistency
labor constraints
Kaleckian model
JEL: 
E12
E44
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