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Theoretical and empirical shortcomings of the Kaleckian investment function
Theoretical and empirical shortcomings of the Kaleckian investment function
Abstract
The specification of the accumulation function is critical for the properties and implications of structuralist and post-Keynesian models. A large Kaleckian literature assumes that investment is relatively insensitive to variations in the utilization rate of capital, and this extension of a standard short-run "Keynesian stability condition" to the long run has been defended by Lavoie and Dutt, among others. This paper examines the theoretical and empirical arguments for and against a Kaleckian specifucation.
Type
article
article
article
Date
2008-01-01