A multi-sectoral version of the Post-Keynesian growth model

A multi-sectoral version of the Post-Keynesian growth model

Abstract With this inquiry, we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration it becomes possible to carry out the analysis initiated by Kaldor (1956) and Robinson (1956, 1962), and followed by Dutt (1984), Rowthorn (1982) and later Bhaduri and Marglin (1990) in a multi-sectoral model in which demand and productivity increase at different paces in each sector. By adopting this approach it is possible to show that the structural economic dynamics is conditioned not only to patterns of evolving demand and diffusion of technological progress but also to the distributive features of the economy, which can give rise to different regimes of economic growth. Besides, we find it possible to determine the natural rate of profit that makes the mark-up rate to be constant over time.

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Main Authors: Araujo,Ricardo Azevedo, Teixeira,Joanílio Rodolpho
Format: Digital revista
Language:English
Published: Departamento de Economia 2015
Online Access:http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-41612015000100127
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spelling oai:scielo:S0101-416120150001001272015-07-27A multi-sectoral version of the Post-Keynesian growth model Araujo,Ricardo AzevedoTeixeira,Joanílio Rodolpho Post-Keynesian growth model Structural change Multi-sector models Abstract With this inquiry, we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration it becomes possible to carry out the analysis initiated by Kaldor (1956) and Robinson (1956, 1962), and followed by Dutt (1984), Rowthorn (1982) and later Bhaduri and Marglin (1990) in a multi-sectoral model in which demand and productivity increase at different paces in each sector. By adopting this approach it is possible to show that the structural economic dynamics is conditioned not only to patterns of evolving demand and diffusion of technological progress but also to the distributive features of the economy, which can give rise to different regimes of economic growth. Besides, we find it possible to determine the natural rate of profit that makes the mark-up rate to be constant over time.info:eu-repo/semantics/openAccessDepartamento de EconomiaFaculdade de Economia, Administração, Contabilidade e Atuária da Universidade de São Paulo (FEA-USP)Estudos Econômicos (São Paulo) v.45 n.1 20152015-03-01info:eu-repo/semantics/articletext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-41612015000100127en10.1590/0101-4161201545127raj
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country Brasil
countrycode BR
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databasecode rev-scielo-br
tag revista
region America del Sur
libraryname SciELO
language English
format Digital
author Araujo,Ricardo Azevedo
Teixeira,Joanílio Rodolpho
spellingShingle Araujo,Ricardo Azevedo
Teixeira,Joanílio Rodolpho
A multi-sectoral version of the Post-Keynesian growth model
author_facet Araujo,Ricardo Azevedo
Teixeira,Joanílio Rodolpho
author_sort Araujo,Ricardo Azevedo
title A multi-sectoral version of the Post-Keynesian growth model
title_short A multi-sectoral version of the Post-Keynesian growth model
title_full A multi-sectoral version of the Post-Keynesian growth model
title_fullStr A multi-sectoral version of the Post-Keynesian growth model
title_full_unstemmed A multi-sectoral version of the Post-Keynesian growth model
title_sort multi-sectoral version of the post-keynesian growth model
description Abstract With this inquiry, we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration it becomes possible to carry out the analysis initiated by Kaldor (1956) and Robinson (1956, 1962), and followed by Dutt (1984), Rowthorn (1982) and later Bhaduri and Marglin (1990) in a multi-sectoral model in which demand and productivity increase at different paces in each sector. By adopting this approach it is possible to show that the structural economic dynamics is conditioned not only to patterns of evolving demand and diffusion of technological progress but also to the distributive features of the economy, which can give rise to different regimes of economic growth. Besides, we find it possible to determine the natural rate of profit that makes the mark-up rate to be constant over time.
publisher Departamento de Economia
publishDate 2015
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0101-41612015000100127
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