Lectures on Growth
Post-Keynesian/Neo-Kaleckian Growth Models: The Impact of Distribution on Growth
The aim of this 10-hours long mini course is to provide an introduction to Post-Keynesian/Neo-Kaleckian growth models that examine the relationship between economic growth and income distribution. The first section of the course will introduce students with functional income distribution, profit-led and wage-led growth and the basics of Marglin and Bhaduri, and Dutt models. The second section will cover different applications of Post-Keynesian/Neo-Kaleckian growth models (open economy, public investments, gender equality). Next, we will discuss the criticisms of Post-Keynesian/Kaleckian growth models. We will examine neo-Marxian Goodwin Model that considers the endogeneity between distribution and growth. The last section of the course will cover the empirical literature on wage-led and profit-led growth.
- Bhaduri, A., & Marglin, S. (1990). Unemployment and the real wage: the economic basis for contesting political ideologies. Cambridge Journal of Economics, 375-393.
- Goodwin, R. M. (1967) "A Growth Cycle", in C.H. Feinstein (ed.) Socialism, Capitalism and Economic Growth. Cambridge: Cambridge University Press
- Hein, E., & Vogel, L. (2008). Distribution and growth reconsidered: empirical results for six OECD countries. Cambridge Journal of Economics, 32(3), 479-511.
- Onaran, Ö., & Galanis, G. (2014). Income distribution and growth: a global model. Environment and Planning A, 46(10), 2489-2513.
- Blecker, R. (2010). “Open economy models of distribution and growth” in E. Hein and E Stockhammer (eds.), A Modern Guide to Keynesian Macroeconomics and Economic Policies, Cheltenham, UK: Edward Elgar
- Dutt, A. K. (1984). Stagnation, income distribution and monopoly power. Cambridge Journal of Economics, 25-40.
- Palley, T. I. (2015). The middle class in macroeconomics and growth theory: a three-class neo-Kaleckian–Goodwin model. Cambridge Journal of Economics, 39(1), 221-243.
- Seguino, S. (2012). Macroeconomics, Human Development, and Distribution. Journal of Human Development and Capabilities, 13(1), 59-81.
- Skott, P. (2012). Theoretical and empirical shortcomings of the Kaleckian investment function. Metroeconomica, 63(1), 109-138.
- Stockhammer, E., Hein, E., & Grafl, L. (2011). Globalization and the effects of changes in functional income distribution on aggregate demand in Germany. International Review of Applied Economics, 25(1), 1-23.
- Stockhammer, E., Onaran, Ö., & Ederer, S. (2009). Functional income distribution and aggregate demand in the Euro area. Cambridge Journal of Economics, 33(1), 139-159.