IDEAS home Printed from https://ideas.repec.org/a/eee/streco/v61y2022icp458-462.html
   My bibliography  Save this article

Growth and income distribution: The heritage effect on the capital accumulation process

Author

Listed:
  • Góes, Geraldo Sandoval
  • Teixeira, Joanilio Rodolpho

Abstract

This article shows how the behavioral asymmetry between workers and rentiers, whether in relation to the possibility of inheriting (or not) assets, or in relation to the magnitude of the inherited assets, impacts the decisions of the agents in relation to consumption, savings and capital stock. An alternative approach to the Baranzini (1991) model is presented for the continuous case, allowing technical progress and introducing behavioral differences between rentiers and workers, not only from the point of view of their initial endowments but also from their preferences. The technical-conceptual framework of the present approach extends Baranzini's original model by emphasizing how agents incorporate the assets into their constraints. A micro-based version of Kalecki's famous aphorism is also obtained.

Suggested Citation

  • Góes, Geraldo Sandoval & Teixeira, Joanilio Rodolpho, 2022. "Growth and income distribution: The heritage effect on the capital accumulation process," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 458-462.
  • Handle: RePEc:eee:streco:v:61:y:2022:i:c:p:458-462
    DOI: 10.1016/j.strueco.2020.03.009
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0954349X19302711
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.strueco.2020.03.009?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Baranzini, Mauro, 1991. "A Theory of Wealth Distribution and Accumulation," OUP Catalogue, Oxford University Press, number 9780198233138.
    2. Nicholas Kaldor, 1955. "Alternative Theories of Distribution," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 23(2), pages 83-100.
    3. Luigi L. Pasinetti, 1962. "Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 29(4), pages 267-279.
    4. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sasaki, Hiroaki & Sonoda, Ryunosuke, 2024. "Income Redistribution Policy, Growth, Inequality, and Employment: A Long-Run Kaleckian Approach," MPRA Paper 121968, University Library of Munich, Germany.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    2. Luigi L. Pasinetti, 2000. "Critique of the neoclassical theory of growth and distribution," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 383-431.
    3. 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.
    4. Linus Mattauch & Ottmar Edenhofer & David Klenert & Sophie Bénard, 2016. "Distributional Effects of Public Investment when Wealth and Classes are Back," Metroeconomica, Wiley Blackwell, vol. 67(3), pages 603-629, July.
    5. Eric Kemp‐Benedict, 2020. "Convergence of actual, warranted, and natural growth rates in a Kaleckian–Harrodian‐classical model," Metroeconomica, Wiley Blackwell, vol. 71(4), pages 851-881, November.
    6. Kazuhiro Kurose, 2022. "A two-class economy from the multi-sectoral perspective: the controversy between Pasinetti and Meade–Hahn–Samuelson–Modigliani revisited," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 239-270, April.
    7. Gu, Xinhua & Tam, Pui Sun, 2013. "The saving–growth–inequality triangle in China," Economic Modelling, Elsevier, vol. 33(C), pages 850-857.
    8. Marcelo de Oliveira Passos & José Luís Oreiro, 2008. "A post Keynesian macrodynamic simulation model for an open economy," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211235250, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    9. Jacobo, Juan, 2022. "A multi time-scale theory of economic growth and cycles," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 143-155.
    10. Joan Esteban & Debraj Ray, 2003. "Inequality and Public Resource Allocation," Working Papers 47, Barcelona School of Economics.
    11. , Stone Center & Ranaldi, Marco, 2020. "Distributional Aspects of Economic Systems," SocArXiv n7wj4, Center for Open Science.
    12. Heinz D. Kurz, 2011. "The Contributions of Two Eminent Japanese Scholars to the Development of Economic Theory: Michio Morishima and Takashi Negishi," Chapters, in: Heinz D. Kurz & Tamotsu Nishizawa & Keith Tribe (ed.), The Dissemination of Economic Ideas, chapter 13, Edward Elgar Publishing.
    13. Mattauch, Linus & Klenert, David & Stiglitz, Joseph E. & Edenhofer, Ottmar, 2017. "Piketty meets Pasinetti: On public investment and intelligent machinery," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168156, Verein für Socialpolitik / German Economic Association.
    14. Lance Taylor, 2015. "Veiled Repression: Mainstream Economics, Capital Theory,and the Distributions of Income and Wealth," Working Papers Series 32, Institute for New Economic Thinking.
    15. Michalis Nikiforos, 2015. "A Nonbehavioral Theory of Saving," Economics Working Paper Archive wp_844, Levy Economics Institute.
    16. Frank A. Cowell, 2008. "Income Distribution and Inequality," Chapters, in: John B. Davis & Wilfred Dolfsma (ed.), The Elgar Companion to Social Economics, chapter 13, Edward Elgar Publishing.
    17. Marco Ranaldi & Elisa Palagi, 2022. "Heterogeneity in Macroeconomics: The Compositional Inequality Perspective," LIS Working papers 848, LIS Cross-National Data Center in Luxembourg.
    18. César Castillo-García, 2022. "Factor Income Distribution and Capital Accumulation in Peru, 1940-2019," Working Papers 2202, New School for Social Research, Department of Economics.
    19. repec:dau:papers:123456789/1799 is not listed on IDEAS
    20. Koray Yıldırım & Neşe Algan & Harun Bal, 2024. "Investment Hysteresis: An Empirical Essay Turkish Case," Evaluation Review, , vol. 48(1), pages 143-176, February.
    21. Julia Hofmann & Miriam Rehm & Syed Ali Asjad Naqvi & Julia Hofmann & Miriam Rehm & Syed Ali Asjad Naqvi, 2016. "Different but Equal? Classes, Wealth, and Perceptions in Europe," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 160, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.

    More about this item

    Keywords

    Classes; Bequest; Growth;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E - Macroeconomics and Monetary Economics
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:streco:v:61:y:2022:i:c:p:458-462. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/525148 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.