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A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION

Year 2019, Volume: 7 Issue: 2, 266 - 276, 01.12.2019

Fatma Pınar Arslan

https://doi.org/10.14514/byk.m.26515393.2019.7/2.266-276

Abstract

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.

Keywords

Factor income distribution market structure household saving government debt

References

  • 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.

Year 2019, Volume: 7 Issue: 2, 266 - 276, 01.12.2019

Fatma Pınar Arslan

https://doi.org/10.14514/byk.m.26515393.2019.7/2.266-276

Abstract

References

  • 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.
There are 19 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Fatma Pınar Arslan 0000-0003-4596-165X

Publication Date December 1, 2019
Submission Date August 29, 2019
Acceptance Date October 2, 2019
Published in Issue Year 2019 Volume: 7 Issue: 2

Cite

APA Arslan, F. P. (2019). A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION. Beykoz Akademi Dergisi, 7(2), 266-276. https://doi.org/10.14514/byk.m.26515393.2019.7/2.266-276
AMA Arslan FP. A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION. Beykoz Akademi Dergisi. December 2019;7(2):266-276. doi:10.14514/byk.m.26515393.2019.7/2.266-276
Chicago Arslan, Fatma Pınar. “A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION”. Beykoz Akademi Dergisi 7, no. 2 (December 2019): 266-76. https://doi.org/10.14514/byk.m.26515393.2019.7/2.266-276.
EndNote Arslan FP (December 1, 2019) A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION. Beykoz Akademi Dergisi 7 2 266–276.
IEEE F. P. Arslan, “A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION”, Beykoz Akademi Dergisi, vol. 7, no. 2, pp. 266–276, 2019, doi: 10.14514/byk.m.26515393.2019.7/2.266-276.
ISNAD Arslan, Fatma Pınar. “A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION”. Beykoz Akademi Dergisi 7/2 (December 2019), 266-276. https://doi.org/10.14514/byk.m.26515393.2019.7/2.266-276.
JAMA Arslan FP. A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION. Beykoz Akademi Dergisi. 2019;7:266–276.
MLA Arslan, Fatma Pınar. “A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION”. Beykoz Akademi Dergisi, vol. 7, no. 2, 2019, pp. 266-7, doi:10.14514/byk.m.26515393.2019.7/2.266-276.
Vancouver Arslan FP. A SUMMARY OF KALECKIAN AND KALDORIAN MODELS ON INCOME DISTRIBUTION. Beykoz Akademi Dergisi. 2019;7(2):266-7.
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