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Robinsonian and Kaleckian growth. An update on post-Keynesian growth theories

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  • Stockhammer, Engelbert

Abstract

The aim of the paper is to give an overview over basic models of Post-Keynesian growth theory. Two major families of growth models are discussed, one developed by Joan Robinson, the other by Michal Kalecki. Both share an independent investment function that depends on income distribution and a savings function that depends on income distribution. The core difference that the Robinsonian model assumes full capacity utilization in the long run, while the Kaleckian model has capacity utilization as an endogenous variable. The characteristics of these models and in particular the effects of changes in the savings propensity and the relation between distribution and growth are highlighted and contrasted. A short run Keynes-Kalecki model is as a benchmark case. (author's abstract)

Suggested Citation

  • Stockhammer, Engelbert, 1999. "Robinsonian and Kaleckian growth. An update on post-Keynesian growth theories," Department of Economics Working Paper Series 67, WU Vienna University of Economics and Business.
    • Handle: RePEc:wiw:wus005:186
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    References listed on IDEAS

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    1. 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.
    2. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7, December.
    3. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    4. Thomas I. Palley, 1996. "Post Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37412-6, December.
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    Keywords

    Neokeynesianismus; Wachstumstheorie;

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