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Soon Ryoo, Peter Skott (2008) Financialization in Kaleckian economies with and without labor constraints, UMass Amherst Department of Economics, Working paper, n. 5
JEL: E12, E44
Abstract: Most Kaleckian models assume a perfectly elastic labor supply, an assumption that is questionable for many developed economies. This paper presents simple labor-constrained Kaleckian models and uses these models to compare the implications of financialization under labor-constrained and dual-economy conditions. The paper complements the analysis in Skott and Ryoo (2008) which did not include labor-constrained Kaleckian economies. We show that for plausible parameter values the financial changes commonly associated with financialization tend to be expansionary in both dual-economy and labor-constrained settings