The purpose of this article is to evaluate empirically the classical viability condition for East Asia, Latin America, Sub-Saharan Africa 1980-1995, and advanced countries 1950-1992. The viability condition is proposed by Foley and Michl (1999), and is used for judging empirically which approach...

This paper presents a Kaleckian growth model in which (i) the rate of capacity utilization, the profit share, and the rate of employment are adjusted in the medium run, and (ii) the normal rate of capacity utilization and the expected rate of capital accumulation are adjusted in the long run....