Tuesday, January 8, 2013

New Issue of ROKE out soon

A new issue of ROKE will soon be available (see contents here). A teaser here. It's the paper by co-editor Tom Palley. From the abstract:
"This paper compares Cambridge and neo-Kaleckian growth theory. Both are members of the post-Keynesian approach to growth and distribution, but the Cambridge model is a hybrid of Keynesian and classical features whereas the neo-Kaleckian model is Keynesian. The Cambridge approach assumes full capacity utilization, while the neo-Kaleckian approach assumes variable capacity utilization. The two theories rely on fundamentally dif- ferent theories of income distribution. The Cambridge model has a class structure of saving that generates Pasinetti’s (1962) theorem regarding irrelevance of worker saving for steady-state growth and distribution. That class structure can be included in the neo- Kaleckian model, generating a variant of the Pasinetti result whereby steady-state capacity utilization is independent of worker saving. Fiscal policy has similar growth effects in the two models, albeit via very different mechanisms. Both models suffer from lack of attention to the labor market."
The rest of the issue has papers by Dutt, Fazzari, Michl, Setterfield, Stockhammer, and Ryoo. More papers will be available as samples at Elgar's site soon. Enjoy!

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