English, Article edition: POST-KEYNESIAN EFFECTIVE DEMAND AND CAPITAL-LABOUR SUBSTITUTION Takashi Ohno

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Physical Description
  • article
Language
  • English

Edition details

Title
  • POST-KEYNESIAN EFFECTIVE DEMAND AND CAPITAL-LABOUR SUBSTITUTION
Author
  • Takashi Ohno
Physical Description
  • article
Notes
  • This paper analyses the relationship between the real wage rate and employment when we induce capital-labour substitution within a Post-Keynesian Kaleckian model. To avoid the over-determinacy problem, we consider a non-homogeneous production function and cost minimization, in contrast to recent work that assumed a homogeneous production function and profit maximization. As a result, we find not only that increasing returns to scale are important in sustaining the long-run stability condition, but also that if the increasing returns to scale are small, then it is more likely that employment will increase. Copyright © 2009 The Author. Journal compilation © 2009 Blackwell Publishing Ltd.
  • RePEc:bla:metroe:v:60:y:2009:i:3:p:525-536
Language
  • English
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