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A Keynes-Kalecki Model of Cyclical Growth with Agent-Based Features

In: Microeconomics, Macroeconomics and Economic Policy

Author

Listed:
  • Mark Setterfield
  • Andrew Budd

Abstract

Throughout his career, Malcolm Sawyer has maintained an active interest in the development and promulgation of Kaleckian macroeconomics. In Macro-Economics in Question (Sawyer, 1982), he advocated a Kaleckian alternative to mainstream Keynesianism and monetarism, featuring: (i) explicit description of cost-plus pricing by firms and wage bargaining by workers in a non-marginalist theory of value and distribution; and (ii) the importance of both accelerator effects and (following Kalecki’s principle of increasing risk) the rate of profit for the determination of aggregate investment. Both of these are now staple features of the canonical Kaleckian model of growth and distribution.1

Suggested Citation

  • Mark Setterfield & Andrew Budd, 2011. "A Keynes-Kalecki Model of Cyclical Growth with Agent-Based Features," Palgrave Macmillan Books, in: Philip Arestis (ed.), Microeconomics, Macroeconomics and Economic Policy, chapter 13, pages 228-250, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-31375-0_13
    DOI: 10.1057/9780230313750_13
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    Cited by:

    1. Citera, Emanuele & Gouri Suresh, Shyam & Setterfield, Mark, 2023. "The network origins of aggregate fluctuations: A demand-side approach," Structural Change and Economic Dynamics, Elsevier, vol. 64(C), pages 111-123.
    2. Ettore Gallo, 2022. "When is the long run?—Historical time and adjustment periods in demand‐led growth models," Metroeconomica, Wiley Blackwell, vol. 73(4), pages 1155-1178, November.
    3. Setterfield, Mark & Kim, Yun K., 2016. "Debt servicing, aggregate consumption, and growth," Structural Change and Economic Dynamics, Elsevier, vol. 36(C), pages 22-33.
    4. Ettore Gallo & Mark Setterfield, 2022. "Historical Time and the Current State of Post-Keynesian Growth Theory," Working Papers 2204, New School for Social Research, Department of Economics.
    5. Mark Setterfield & Bill Gibson, 2013. "Real and financial crises: A multi-agent approach," Working Papers 1309, Trinity College, Department of Economics, revised Jul 2014.
    6. Emanuele Russo, 2017. "Harrodian instability in decentralized economies: an agent-based approach," LEM Papers Series 2017/17, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

    More about this item

    Keywords

    Capital Stock; Capacity Utilisation; Representative Agent; Animal Spirit; Cyclical Growth;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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