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Growth and stability in a model with Pasinettian saving behaviour and neoclassical technology

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  • João Ricardo Faria
  • Joanílio Rodolpho Teixeira

Abstract

We analyse a Kaldor–Pasinetti two‐class model of growth and distribution in which fiscal activity is explicitly introduced along the lines of Pasinetti (‘Ricardian Debt/Taxation Equivalence in the Kaldor Theory of Profits and Income Distribution’, Cambridge Journal of Economics, Vol. 13 (1989), pp. 25–36). Following the approach of Darity (‘A Simple Analytics of Neo‐Ricardian Growth and Distribution’, American Economic Review, Vol. 71 (1981), pp. 978–993) the model is reduced to a dynamic system where the Cambridge equation is one of the possible steady‐state solutions. The conditions for its local stability are studied and a numerical example is presented. The anti‐dual case is more likely to occur in order to guarantee the local stability of the Cambridge equation.

Suggested Citation

  • João Ricardo Faria & Joanílio Rodolpho Teixeira, 1999. "Growth and stability in a model with Pasinettian saving behaviour and neoclassical technology," Manchester School, University of Manchester, vol. 67(1), pages 111-121, January.
    • Handle: RePEc:bla:manchs:v:67:y:1999:i:1:p:111-121
    DOI: 10.1111/1467-9957.00135
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    Cited by:

    1. Joao Ricardo Faria & Ricardo Azevedo Araujo, 2004. "An Intertemporal Pasinettian Model with Government Sector," International Journal of Business and Economics, School of Management Development, Feng Chia University, Taichung, Taiwan, vol. 3(3), pages 257-268, December.
    2. Joanílio Rodolpho Teixeira, 2009. "Growth, Distribution, Stability and Government Budget Surplus: The Extended Cambridge Equation Revisited," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 10(2), pages 239-251.
    3. Hiroaki Sasaki, 2022. "Growth and income distribution in an economy with dynasties and overlapping generations," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 215-238, April.
    4. Sasaki, Hiroaki, 2018. "Capital Accumulation and the Rate of Profit in a Two-Class Economy with Optimization Behavior," MPRA Paper 88362, University Library of Munich, Germany.
    5. Faria, Joao Ricardo, 2000. "A two-class fiscal and monetary growth model," Structural Change and Economic Dynamics, Elsevier, vol. 11(3), pages 355-364, September.

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