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| Author: | Commendatore, P. |
| Title: | Pasinetti and dual equilibria in a post Keynesian model of growth and institutional distribution |
| Journal: | Oxford Economic Papers
1999 : JAN, VOL. 51:1, p. 223-236 |
| Index terms: | Keynesian school Theories Growth Companies Profit Shareholders |
| Language: | eng |
| Abstract: | In this paper, the post-Keynesian theory of growth and distribution is extended to a corporate economy. It is shown that the rate of profits and the distribution btw. profits and wages are influenced by the behavioural parameters of shareholders and firms, such as the degree of indifference btw. dividends and capital gains and the retention ratio, and by long-lasting stock market imperfections. What has been obtained in previous analyses such as O'Connell (1985, 1995) are special cases of these results. The conditions for the existence of what are known in the literature as Pasinetti and dual equilibria are also investigated. |
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