This paper compares Kaleckian and Harrodian models of accumulation. The simplicity of the canonical Kaleckian model is appealing but more complex Harrodian specifications are preferable from a behavioral perspective. The local instability of Harrodian-inspired specifications, moreover, offers a...

This paper examines the effects of managerial pay on the Post Keynesian model of growth and distribution. Introducing managerial pay explains why economies may exhibit both wage- and profit-led characteristics in response to changed income distribution. Second, managerial pay undoes Pasinetti's...

This contribution reviews key developments in Kaleckian economics after Kalecki, with a focus on its application to mature capitalist economies. Rather than revisiting interpretations of Kalecki's original work, the contribution highlights subsequent theoretical and empirical extensions. It...

This paper deepens the analysis of the income elasticities of import and export demand in relation to the real exchange rate (RER) within a balance of payments constrained growth framework. It identifies how the RER can affect these elasticities and explores the resulting implications. A key...

Recently, some have wondered whether a fiscal stimulus plan could reduce the government's budget deficit. Many also worry that fiscal austerity plans will only bring higher deficits. Issues of this kind involve endogenous changes in tax revenues that occur when output, real wages, and other...

Despite being arguably one of the most active areas of research in heterodox macroeconomics, the study of the dynamic properties of stock-flow consistent (SFC) growth models of financially sophisticated economies is still in its early stages. This paper attempts to offer a contribution to this...

This paper develops the seminal ideas of Nicholas Kaldor into a Centre-Periphery framework of the world economy where the Centre faces the problem of surplus capacity and effective demand and the Periphery faces a capacity constraint. In such a framework, Harrod-type 'foreign trade multiplier'...

In this paper we reconsider a general disequilibrium model of an applied orientation, exhibiting a detailed modelling of the private housing sector, which we have developed in a series of working papers starting from the Murphy model for the Australian economy. This modelling approach is...

This paper embeds a technical progress function in a classical growth model and studies the effects of permanent changes in parameters and temporary shocks such as pandemics. Technical change is driven by dynamic economies of scale and responds to distributional forces: the wage share regulates...

We model demand-led growth with endogenous adjustment of labor supply and productivity to accommodate the demand-led path, reconciling Harrod's warranted rate of demand growth with supply. The model delivers a range of growth paths and unemployment rates rather than a single “natural rate.”...