A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION

There are two main lines of theories about income distribution, following the seminal papers of Kalecki and Kaldor. These two theories have different aspect in terms of their assumptions about competitive characteristics of market, capital utilization, market imperfections and the role of government. Several studies are designed to develop these two theories and some studies use assumptions of both theories in order to explain the income distribution. This article includes a summary of Kaleckian and Kaldorian models; their assumptions and recent contributions to these models.

Anahtar Kelimeler:

Factor income distribution, market structure, household saving, government debt

PDF

___

Barro, R. J. (1974). Are Government Bonds Net Wealth? Journal of Political Economy, 82(6), 1095–1117. https://doi.org/10.1086/260266
D’Erasmo, P., & Mendoza, E. G. (2016). Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default. Journal of the European Economic Association, 14(1), 7–44.
Diamond, P. A. (1965). National Debt in a Neoclassical Growth Model. American Economic Review, 55(5), 1126. Retrieved from bth.
Flodén, M. (2001). The effectiveness of government debt and transfers as insurance. Journal of Monetary Economics, 48(1), 81–108. https://doi.org/10.1016/S0304-3932(01)00064-2
Hein, E. (2007). Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model. Metroeconomica, 58(2), 310–339.
Hein, E. (2018). Autonomous government expenditure growth, deficits, debt, and distribution in a neo-Kaleckian growth model. Journal of Post Keynesian Economics, 1–23. https://doi.org/10.1080/01603477.2017.1422389
Kaldor, N. (1955). Alternative Theories of Distribution. The Review of Economic Studies, 23(2), 83. https://doi.org/10.2307/2296292
Kalecki, M. (1938). The Determinants of Distribution of the National Income. Econometrica, 6(2), 97–112. https://doi.org/10.2307/1907142
Kalecki, M. (1954). Theory of economic dynamics: An essay on cyclical and long-run changes in capitalist economy (Reprinted). London: Routledge.
Mankiw. (2000). The Savers-Spenders Theory of Fiscal Policy. American Economic Review, 90(May), 120–125.
Modigliani, F. (1961). Long-Run Implications of Alternative Fiscal Policies and the Burden of the National Debt. The Economic Journal, 71(284), 730–755. https://doi.org/10.2307/2228247
Palley, T. I. (1997). Aggregate Demand and Endogenous Growth: A Generalized KeynesKaldor Model of Economic Growth. Metroeconomica, 48(2), 161–176.
Palley, T. I. (2012). Wealth and wealth distribution in the neo-Kaleckian growth model. Journal of Post Keynesian Economics, 34(3), 453–474. https://doi.org/10.2753/PKE01603477340304
Pasinetti, L. L. (1962). Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth. The Review of Economic Studies, 29(4), 267. https://doi.org/10.2307/2296303
Pasinetti, L. L. (1989). Ricardian debt/taxation equivalence in the Kaldor theory of profits and income distribution. Cambridge Journal of Economics, 13(1), 25–36.
Samuelson, P. A., & Modigliani, F. (1966). The Pasinetti Paradox in Neoclassical and More General Models. The Review of Economic Studies, 33(4), 269. https://doi.org/10.2307/2974425
Steedman, I. (1972). The State and the Outcome of the Pasinetti Process. The Economic Journal, 82(328), 1387–1395. https://doi.org/10.2307/2231318
Ünveren, B., & Sunal, S. (2015). Why is the Labor Share so Low in Turkey?: Low Labor Share in Turkey. The Developing Economies, 53(4), 272–288. https://doi.org/10.1111/deve.12089
Yakut, A. M., & Voyvoda, E. (2017). Intertemporal CGE Analysis of Income Distribution in Turkey. ERC Working Papers in Economics, 58.