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Models of Structural Change and Kaldor's Facts: Critical Survey from the Cambridge Keynesian Perspective

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  • Kazuhiro Kurose

Abstract

This study addresses the reconciliation of structural change with Kaldor's facts, which is a new research agenda in this area. The mainstream reconciliation strategy is that the facts are interpreted as a state at which the economy grows along the generalised balanced growth path and multi-sectoral models are transformed into the one-sectoral model that has the uniquely (saddle-path) stable steady state. We argue that the main- stream strategy is far from Kaldor's own thoughts and overlooks structural change in physical capital. The Cambridge Keynesian reconciliation based on Pasinetti's struc- tural dynamics demonstrates that structural change inevitably accompanies changes in socialinstitutionstomaintainfullemployment,whereasthemainstreamreconciliation is achieved entirely through the market mechanism.

Suggested Citation

  • Kazuhiro Kurose, 2021. "Models of Structural Change and Kaldor's Facts: Critical Survey from the Cambridge Keynesian Perspective," TERG Discussion Papers 443, Graduate School of Economics and Management, Tohoku University.
    • Handle: RePEc:toh:tergaa:443
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    File URL: http://hdl.handle.net/10097/00130262
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    Cited by:

    1. Yuki Tada & Kazuhiro Kurose, 2024. "The Pasinetti Index and the Rise of Inequality in the Age of Unconventional Monetary Policy in Japan," TERG Discussion Papers 488, Graduate School of Economics and Management, Tohoku University.

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