The purpose of this paper is to incorporate free entry into the Kaleckian model. To this end, we consider a model with monopolistic competition, mark-up pricing and a free-entry condition. Using this model, the Kaleckian model is unstable under a wage-led growth regime, and it is stable under a profit-led growth regime, when the interest rate is supposed to be constant. Stability under a wage-led growth can be achieved if the interest rate is allowed to respond positively to capacity utilization. We also find that a goods market policy, but not an income distribution policy, is then effective from an economic growth perspective.

MODELS OF COMPETITION BETWEEN FIRMS: ENDOGENOUS MARKET STRUCTURE IN THE KALECKIAN MODEL: Models of Competition between Firms

Semi-endogenous growth dynamics in a macroeconomic model with delays

We formulate a macrodynamic model of interaction between a post-Keynesian investment function with endogenous capacity utilization and pro-cyclical mark-up over wage costs in a demand-constrained c...

Monetary Policy Under Steindlian Mark-up Dynamics

Inflation-deflation expectations and economic stability in a Kaleckian system

This paper analyzes the newer Kaleckian models of growth and distribution and the criticisms that have been addressed to them by neo-Marxian and neo-Ricardian authors. The models discussed assume overhead labor costs and target return pricing. The main issues are the form of the investment function and the notions of normal rates of profit and of normal rates of capacity utilization. Despite the relevance of, and often the similarity between, the neo-Marxian and neo-Ricardian critiques, it is shown that the main features of the Kaleckian growth model may still be preserved. (c) 1995 Academic Press Limited Copyright 1995 by Oxford University Press.(This abstract was borrowed from another version of this item.)

The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques

http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/26735/1/070ccesDP_54.pdf

The role of the Taylor principle in the neo-Kaleckian model when applied to an endogenous market structure

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The role of the Taylor principle in the neo-Kaleckian model when applied to an endogenous market structure