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Finance, Financial Adjustments and Alternative Closures in Neo-Kaleckian Models: The Paradoxes of Thrift and Costs in the Long-Run.
- Source :
-
Review of Political Economy . May2024, p1-24. 24p. 5 Illustrations, 2 Charts. - Publication Year :
- 2024
-
Abstract
- Heterodox economists debate if Keynesian/Kaleckian or Marxian/Harrodian results apply in the long-run. This paper explores different financial mechanisms in neo-Kaleckian models with the: (1) traditional closure of an endogenous utilisation rate; and, (2) supermultiplier closure where the utilisation rate is restored to its normal degree in the long-run. Keynesian/Kaleckian results are obtained regardless of the assumptions on the utilisation rate. Attention is also given to circuitist intra-period endogenous money financing relations, and to financial adjustments that increase the elasticity of household portfolio adjustments and firm liability-side management. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 09538259
- Database :
- Academic Search Index
- Journal :
- Review of Political Economy
- Publication Type :
- Academic Journal
- Accession number :
- 176982289
- Full Text :
- https://doi.org/10.1080/09538259.2024.2338403