Financialization in Kaleckian Economies with and without Labor Constraints

Artikel

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Intervention. European Journal of Economics and Economic Policies ; ISSN: 2195-3376 ; Volume: 05 ; Year: 2008 ; Issue: 2 ; Pages: 357-386

Classification and Topics

• Classification: Wirtschaft ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Financial Markets and the Macroeconomy
• Subject: financialization ; stock-flow consistency ; labor constraints ; Kaleckian model

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Ryoo, Soon ; Skott, Peter
• Event: Veröffentlichung
• (who): Metropolis-Verlag
• (where): Marburg
• (when): 2008

Further information

• DOI: doi:10.4337/ejeep.2008.02.13
• Handle: http://hdl.handle.net/10419/277141
• Last update: 10.03.2025, 11:43 AM CET