A Reformulation of Post-Keynesian Model of Effective Demand, Income Distribution, and Endogenous Money

Post-Keynesian economics;Income distribution;Neo-Pasinetti theorem;Endogenous money;Kaleckian growth model;Wage-led growth;330

사회과학대학 경제학부 ;

University:서울대학교 대학원

关键词: Post-Keynesian economics;    Income distribution;    Neo-Pasinetti theorem;    Endogenous money;    Kaleckian growth model;    Wage-led growth;    330;   

Others  :  http://s-space.snu.ac.kr/bitstream/10371/134689/1/000000132061.pdf

美国|英语

来源: Seoul National University Open Repository

【 摘 要 】

and Marglin and Bhaduri, 1990, 1991). Utilizing the neo-Pasinetti theorem formulated by Araujo (1995), we will modify slightly Lavoie’s paper (1998) which tries to integrate the Kaldor’s theory of income distribution and the neo-Kaleckian growth model. Introduction of post-Kaleckian growth model shows that both of wage-led and profit-led growth regimes are possible. This paper also tries to consider the endogenous money in the Kaldor’s theory of income distribution following the suggestion of Park (2004). We show that the ratio of bank-loan out of investment has a neutral effect to the growth rate of capital stock when the interest rate has an equivalent value as suggested by the Pasinetti theorem, i.e. the growth rate over the retention ratio.Finally, this paper tries to analyze the growth regime of South Korea by using VAR approach which was proposed by Stockhammer and Onaran (2004). We obtain results which support that further growth can be realized by reducing the profit share in South Korea, as its size of an economy has become larger and the monopolistic markets are still dominant. And we find that the nature of wage-led growth regime in Korea depends on the states of the incomes of the self-employed.