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Interest Rate, Distribution and Accumulation in Post-Keynesian Models: Summary and Conclusions of Part II

In: Money, Distribution Conflict and Capital Accumulation

Author

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  • Eckhard Hein

Abstract

In the second part of the book we have introduced the monetary interest rate, mainly determined by central bank policies, into Post-Keynesian models of distribution and growth in the tradition of Nicholas Kaldor, Joan Robinson and Michal Kalecki. We have argued that the monetary theories of Kaldor, Robinson and Kalecki have provided the basis for — or are at least compatible with — the Post-Keynesian monetary theory which has been outlined in chapter 6 and applied in this part. Kaldor and Robinson as well as Kalecki suppose that the rate of interest is an exogenous variable for the income-generating and growth process. The volume of credit and the stock of money adjust endogenously to the requirements of finance and circulation. The rate of interest is a monetary phenomenon which has both short — and long-run effects on the real economy. These monetary theories, however, were not incorporated into their own models by the founding mother and fathers of Post-Keynesian distribution and growth theories.

Suggested Citation

  • Eckhard Hein, 2008. "Interest Rate, Distribution and Accumulation in Post-Keynesian Models: Summary and Conclusions of Part II," Palgrave Macmillan Books, in: Money, Distribution Conflict and Capital Accumulation, chapter 14, pages 124-127, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59560-6_14
    DOI: 10.1057/9780230595606_14
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