NDLI: Cyclical growth in a Goodwin–Kalecki

Content Provider	Springer Nature Link
Author	Sasaki, Hiroaki
Copyright Year	2012
Abstract	This paper presents a disequilibrium macrodynamic model that incorporates certain elements from Goodwin (the dynamics of the rate of employment and income distribution), Kalecki (an investment function independent of savings, and mark-up pricing in oligopolistic goods markets), and Marx (the reserve-army and reserve-army-creation effects). The model has a system of differential equations for the rate of utilization, profit share, and rate of employment. We show that there exist limit cycles that depend on the sizes of the reserve-army effect and reserve-army-creation effect. This implies that there exists a situation in which the economy experiences endogenous and perpetual growth cycles. Moreover, we show that if the stable long-run equilibrium corresponds to the profit-led growth regime, an increase in the bargaining power of workers increases the rate of unemployment; conversely, if the equilibrium corresponds to the wage-led growth-regime, an increase in the bargaining power of workers decreases the rate of unemployment.
Starting Page	145
Ending Page	171
Page Count	27
File Format	PDF
ISSN	09318658
Journal	Journal of Economics
Volume Number	108
Issue Number	2
e-ISSN	16177134
Language	English
Publisher	Springer Vienna
Publisher Date	2012-03-28
Publisher Place	Vienna
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Goodwin–Kalecki–Marx model Cyclical growth Reserve-army-creation effects Hopf bifurcation Economics general Economic Theory International Economics Microeconomics R & D/Technology Policy
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics Business, Management and Accounting

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