Arbeitspapier
The Bhaduri/Marglin post-Kaleckian model in the history of distribution and growth theories: An assessment by means of model closures
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.
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 66/2016
- Classification
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Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Investment; Capital; Intangible Capital; Capacity
Aggregate Factor Income Distribution
One, Two, and Multisector Growth Models
- Subject
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distribution
growth
model comparison
Bhaduri/Marglin model
- Event
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Geistige Schöpfung
- (who)
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Hein, Eckhard
- Event
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Veröffentlichung
- (who)
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Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
- (where)
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Berlin
- (when)
-
2016
- Handle
- Last update
- 10.03.2025, 11:45 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hein, Eckhard
- Hochschule für Wirtschaft und Recht Berlin, Institute for International Political Economy (IPE)
Time of origin
- 2016
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