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Dynamics of Capital Accumulation and Distribution : A Critique and Alternative to Kaleckian Empirical Approaches
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자본축적과 분배의 동학 : 칼레츠키언 실증연구의 비판적 검토와 대안

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Type
Academic journal
Author
Jeong Sangjun (목포대학교)
Journal
Institute for Social Sciences, Gyeongsang National University MARXISM Vol.12 No.4 KCI Accredited Journals
Published
2015.11
Pages
150 - 181 (32page)

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Dynamics of Capital Accumulation and Distribution : A Critique and Alternative to Kaleckian Empirical Approaches
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A seminal paper by Bhaduri and Marglin (1990) provided a unifying model that allows for the contrary effects of distribution on economic growth, and it motivated a huge body of empirical literature on wage-and profit-led growth. However, these (neo) Kaleckian approaches obtain different results for the same economy, depending on time ranges and methodologies. Instead, through rereading the Bhaduri-Marglin model, we note not only the conventional distinction between wage-and profit-led regimes but the one between conflictual and cooperative regimes still matters. Besides, we highlight that the time horizon and non-linearity are another important issues in the original model, though overlooked by empirical studies. Based on this critique, a decomposing of the trend and cyclical components of the core variables such as the accumulation rate, wage share and capacity utilization rate is proposed as an alternative. With a case analysis of the U.S. economy from 1961 to 2014, we find that the roughly cooperative wage-led trend and conflictual profit-led cycle are combined in the dynamics of capital accumulation and distribution over the period, and that the trend can switch over to that of a conflictual regime with the cumulative effect of cycles. This point gets additional support through an econometric estimation using ARDL-bounds testing. Our findings can explain previous conflicting results and reveal the commonalities and differences between the Kaleckian and Marxian approaches.
#바두리-마글린 모형 #칼레츠키 #임금/이윤 주도 체제 #대립적/협력적 체제 #시계 #비선형성 #추세-사이클 분해 #ARDL-한계검정법 #Bhaduri-Marglin model #Kaleckian #wage-/profit-led regime #conflictual/cooperative regime #time horizon #non-linearity #trend/cycle #ARDL-bounds testing

Contents

1. 머리말
2. 바두리·마글린 모형의 재독해
3. 대안적 접근의 방향
4. 미국경제의 실증분석
5. 결론
참고문헌
Abstract

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