著者

佐々木 啓明

出版者

経済理論学会

雑誌

季刊経済理論 (ISSN:18825184)

巻号頁・発行日

vol.47, no.4, pp.19-29, 2011-01-20

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This paper explains short-run, medium-run, and long-run analysis by using a Kaleckian model of growth, distribution, and employment. The three runs are classified depending on what variables are adjusted in the run in question. Many studies do not deal with the three runs consistently, and as such, the main purpose of the paper is to expound the interrelations among three runs in the Kaleckian model. In the short run, the rate of capacity utilization (and the profit share in some cases) becomes an endogenous variable, in the medium run, the rate of employment becomes an endogenous variable, and in the long run, the normal rate of capacity utilization and the expected rate of capital accumulation are endogenous variables. The paper shows that not only in the shortrun equilibrium but also in the medium-run and long-run equilibria, we obtain typical Kaleckian results such as the paradox of thrift, the stagnationist regime, and the wage-led growth regime: the paradox of thrift means that an increase in capitalists' propensity to save lowers the rate of capital accumulation; the stagnationist regime means that an increase in the profit share lowers the rate of capacity utilization; and the wage-led growth regime means that an increase in the profit share lowers the rate of capital accumulation. Moreover, the paper shows that in the long run, different initial values of the endogenous variables produce different long-run equilibrium values. Therefore, the long-run equilibrium exhibits pathdependency.