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A Multi-Sector Post-Kaleckian Growth Model of Structural Change

Author

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  • Ricardo Azevedo Araujo
  • Pedro Celso Rodrigues Fonseca
  • Theo Santini Antunes

Abstract

Relying upon the Pasinettian notion of vertical integration (Pasinetti, L. 1981. Structural Change, and Economic Growth: A Theoretical Essay on the Dynamics of the Wealth of Nations. Cambridge: Cambridge University Press), we develop a disaggregated version of the post-Kaleckian (Bhaduri, A. and S. Marglin. 1990. 'Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies.' Cambridge Journal of Economics 14 (4): 375–393) approach to economic growth. With this analysis, the structural changes are conditioned not only to patterns of evolving demand but also to the distributive features of the economy. Considering oligopolist power and under-capacity utilization within the structural economic dynamic framework allows for heterogeneous final demand and mark-ups, with the profit margins of the consumption sector depending on the mark-up of the corresponding investment sector. Besides, in this set-up, it emerges the possibility vnthat each sector in the economy exhibits either a profit-led or a wage-led growth regime.

Suggested Citation

  • Ricardo Azevedo Araujo & Pedro Celso Rodrigues Fonseca & Theo Santini Antunes, 2024. "A Multi-Sector Post-Kaleckian Growth Model of Structural Change," Review of Political Economy, Taylor & Francis Journals, vol. 36(4), pages 1635-1653, October.
    • Handle: RePEc:taf:revpoe:v:36:y:2024:i:4:p:1635-1653
    DOI: 10.1080/09538259.2022.2156159
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