Financialization in Kaleckian economies with and without labor constraints

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: Most Kaleckian models assume a perfectly elastic labor supply, an assumption that is questionable for many developed economies. This paper presents simple labor- constrained Kaleckian models and uses these models to compare the implications of financialization under labor-constrained and dual-economy conditions. The paper complements the analysis in Skott and Ryoo (2008) which did not include labor- constrained Kaleckian economies. We show that for plausible parameter values the financial changes commonly associated with financialization tend to be expansionary in both dual-economy and labor-constrained settings. JEL Categories: E12, E44

Keywords: financialization; stock-flow consistency; labor constraints; Kaleckian model. (search for similar items in EconPapers)
Date: 2008-03
New Economics Papers: this item is included in nep-mac and nep-pke
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Citations: View citations in EconPapers (27)

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Journal Article: Financialization in Kaleckian Economies with and without Labor Constraints (2008)
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