Economics Department Working Paper Series
Working Paper Number
2008-11
Publication Date
2008
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.
DOI
https://doi.org/10.7275/1068828
Recommended Citation
Skott, Peter, "Theoretical and empirical shortcomings of the Kaleckian investment function" (2008). Economics Department Working Paper Series. 13.
https://doi.org/10.7275/1068828