Sobre la inconsistencia de los modelos Neo-Kaleckianos

 

 

 

El Centro Sraffa ha publicado el working paper numero 31 (CSWP) sobre la discusion sobre causalidad con respecto a la tasa de utilizacion de la capacidad productiva.

 A(nother) Note on the Inconsistency of Neo-Kaleckian Growth Models CSWP 31 (May 2018)

Autores :  Riccardo Pariboni and Daniele Girardi

As a matter of common knowledge, the canonical Neo-Kaleckian growth model is not able to reconcile the actual and normal rates of utilization in equilibrium. Dávila-Fernández et al. (2017) revive an old proposal for solving this problem – making the rate of normal utilization an endogenous variable that converges to the actual utilization rate – justifying it with new premises, based on a recent contribution to production theory (Nikiforos 2013). In this note, we argue that their proposed adjustment mechanism is based on restrictive assumptions, some of which have little economic justification. Moreover, we show that also if one puts aside for the sake of argument the perplexities regarding the ‘endogenization’ of the normal rate of utilization, the existence of autonomous components of demand is sufficient to invalidate their results.

 

 

Como una cuestión de conocimiento común, el modelo de crecimiento canónico Neo-Kaleckiano no es capaz de conciliar las tasas de utilización real y normal en equilibrio. Dávila-Fernández et al. (2017) revive una vieja propuesta para resolver este problema, convirtiendo la tasa de utilización normal en una variable endógena que converge a la tasa de utilización real, justificándola con nuevas premisas, basadas en una contribución reciente a la teoría de la producción (Nikiforos 2013). En esta nota, argumentamos que su mecanismo de ajuste propuesto se basa en supuestos restrictivos, algunos de las cuales tienen poca justificación económica. Además, demostramos que también si se dejan de lado las argumentaciones sobre la "endogenización" de la tasa normal de utilización, la existencia de componentes autónomos de la demanda es suficiente para invalidar sus resultados.

 

Puede bajarse el trabajo en el siguiente  link

 

Centro Sraffa Working Papers, as well as rules for submission and authors' guidelines, on the Centro Sraffa website

Long run Convergence in a Neo-Kaleckian Open-economy Model with Autonomous Export Growth

Won Jun Nah
Associate Professor and Chair, School of Economics and Trade, Kyungpook National University, Daegu, Korea
Marc Lavoie
Professor, Department of Economics, University of Ottawa, Ottawa, Canada
Address for correspondence: Marc Lavoie, mlavoie@uottawa.ca

Abstract: 

 A simple neo-Kaleckian open-economy model is presented and its implications for growth regimes are analyzed. The present model features long run-convergence to its normal rate of capacity utilization, which is conditionally achieved by incorporating the Harrodian principle of instability and autonomous growth in foreign demand. It is demonstrated that some aspects of the main Kaleckian results can be preserved not only in the short run but also in the long run, in the sense that both (i) a decrease in the propensity to save, and (ii) a change in income distribution favoring labor, bring about higher average rates of production growth and capital accumulation. However, the long-run impact of a change in the profit share is shown to be subjected to the condition that the responsiveness of the real exchange rate with respect to the profit share has to be bounded from above, confirming that the scope for wage-led demand or wage-led growth can be limited by open-economy considerations.

To read the paper here