Keynes, Sraffa and the labour market<sup>∗</sup>

Mongiovi, Gary

doi:10.1080/09538259100000003

Cited by 9 publications

(6 citation statements)

References 10 publications

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“…where Mongiovi, 1991Mongiovi, , 2011. In the open economy case, and for empirical purposes, Miyazawa (1960, pp.…”

Section: Miyazawa Multipliersmentioning

confidence: 99%

Matrix multipliers, demand composition and income distribution: Post‐Keynesian–Sraffian theory and evidence from the world's ten largest economies

Mariolis,

Ntemiroglou

2023

Metroeconomica

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This paper builds and explores in detail a post‐Keynesian–Sraffian one‐country model of effective demand, which, on the one hand, extends the Kurz multiplier model to open–with state‐economies of single production and, on the other hand, is applicable to data from the National Input–Output Tables of the World Input–Output Database. Thus, it estimates the net output, import and employment matrix demand multipliers for the world's 10 largest economies. The overall findings provide general support for and new insights into Sraffian theoretical and policy arguments: (i) the multiplier effects depend heavily on the physical composition of autonomous demand; (ii) the incremental share of wages in net national income can move in either direction with an increase in the savings ratios out of wages and profits and/or the corresponding direct tax rates; (iii) there is, in general, no one‐to‐one correspondence between alternative tax–transfer policies and their multiplier effects; and (iv) there is not necessarily an inverse relationship between the overall level of the profit rate and the multiplier effects or the wage share.

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“…where Mongiovi, 1991Mongiovi, , 2011. In the open economy case, and for empirical purposes, Miyazawa (1960, pp.…”

Section: Miyazawa Multipliersmentioning

confidence: 99%

Matrix multipliers, demand composition and income distribution: Post‐Keynesian–Sraffian theory and evidence from the world's ten largest economies

Mariolis,

Ntemiroglou

2023

Metroeconomica

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“…However, this function may have a positive or negative slope, depending on the sensitivity of savings and investment to changes in the income distribution. 3 Other models that have sought to justify the existence of a positive relationship between the real wage rate and the level of employment were presented by Schefold (1983), Nell (1984), Mongiovi (1991) and Lavoie (1992), among others. 4 Riach (1995) clarified that the YD function may have a positive or negative slope if the degree of monopoly is related to the level of economic activity, as suggested by Kalecki (1971), among others.…”

Section: The Current Post-keynesian Theory: the Rupture Of The "Firstmentioning

confidence: 99%

“…It may be the result of an income effect. The essential elements of the labour demand perspective described in this subsection are present in all Kaleckian Post-Keynesian models (as opposed to the Marshallian models described above), employing perhaps the most widely used classification in the Post-5 See also Mongiovi (1991). Keynesian approach (Lavoie, 2015).…”

Section: The Current Post-keynesian Theory: the Rupture Of The "Firstmentioning

confidence: 99%

The Post-Keynesian view on labour demand in micro- and macroeconomic fields

Fernández-Huerga

Garcia-Arias

2019

Economics &Amp; Sociology

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The aim of this paper is to present the main ideas that could form the core of the Post-Keynesian approach to the analysis of labour demand at both micro-and macroeconomic levels. Specifically, this paper first reviews the essential elements characterising the Post-Keynesian approach to microeconomic analysis of labour demand. To do this, the "traditional view" is first presented, associated with the concept of the firm characterised by the presence of fixed technical coefficients and capacity reserves, and then the essential features of an alternative and more innovative view are described, based on the concept of the firm that emanates from the competence-based theories of organisation. Subsequently, the core of the Post-Keynesian contributions at the macroeconomic level is presented, organising them into two sections: first, those contributions that break away from the "second classical postulate" and second, those that additionally steer away from the "first classical postulate". Finally, the paper summarizes the main ideas that could be the core of the post-Keynesian approach to the analysis of labour demand, both in micro-and macroeconomic fields. JEL Classification: J23, E24, B59 scope (traditionally left behind in the Postkeynesian views), and highlighting the coherence between both. Secondly, by overlapping and interrelating two alternative classifications of the Postkeynesian vision within the macroeconomic field. Thirdly, by trying to summarize and raise the basic ideas that could constitute the "core" of the Postkeynesian approach to labour demand, in both micro-and macroeconomic fields.However, it is also possible to find several common elements within those different theoretical approaches; these elements also lead to a significantly different analysis of labour demand from that of the more orthodox economics. In this context, the aim of this paper is to present, in an abridged and more or less structured and comparable way with the orthodox view, the main ideas that form the core of the Post-Keynesian approach to the analysis of labour demand. The hope is that this comparison will not only contribute to dissemination of this approach but also to its discussion and development. To this end, this paper is organised in two sections. The first one reviews the essential elements characterising the Post-Keynesian approach to microeconomic analysis of labour demand. In particular, it first presents what might be called the "traditional view" (which is associated with a particular understanding of the firm characterised by the presence of fixed technical coefficients and capacity reserves), and secondly summarises the essential features of an alternative and more innovative view, based on the notion of the firm offered by the competence-based theories of organisation. In the second section, the heart of the Post-Keynesian contributions to the analysis of labour demand from the macroeconomic point of view is discussed and is organised in two directions: those contributions that imply a breach of the "second...

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“…It is not universally accepted, however, that these developments constitute a break from the neoclassical paradigm and orthodox conceptions of rationality. For example, it has been shown by post-Keynesians that while theories such as efficiency wages may be non-market clearing, they do not depart from the traditional Walrasian conception of the labour market (Milgate, 1988;Seccareccia, 1991;Mongiovi, 1991).24 The concept of rationality can still be seen, in most cases, to be consistent with orthodox economic theory and a non-behavioural approach to research (Kaufman, 1989: 75).25 This scepticism regarding the difference between new labour economics and orthodox approaches is also illustrated by the recent literature on economic models of trade unions. Although some have heralded this work as the best example of this so-called bridge between theoretical labour economics, and an empirically based industrial relations literature (Oswald, 1987), a closer examination reveals that the bridge has shaky foundations.…”

Section: Is a Bridge Possible?mentioning

confidence: 99%

Methodological Issues in Labour Economics: Procedures for Procedural Rationality?

Zappalà

1993

Labour

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This paper examines methodological issues in labour economics, by examining the claim that it is moving closer to notions of procedural rationality advocated by Herbert Simon. A content analysis of the Journal of Labor Economics shows that the orthodox methodological perspective of deductivism has a strong hold in labour economics, and the nature of the empirical work is also allied to this perspective, casting doubts as to whether labour economics has moved towards procedural rationality. The paper then explores the possibilities of a bridge between labour economics and the schools of institutional labour economics and industrial relations. The paper argues that the former needs to borrow in a more constructive way from the latter in order to construct the procedures for procedural rationality.

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Keynes, Sraffa and the labour market^∗

Cited by 9 publications

References 10 publications

Matrix multipliers, demand composition and income distribution: Post‐Keynesian–Sraffian theory and evidence from the world's ten largest economies

Matrix multipliers, demand composition and income distribution: Post‐Keynesian–Sraffian theory and evidence from the world's ten largest economies

The Post-Keynesian view on labour demand in micro- and macroeconomic fields

Methodological Issues in Labour Economics: Procedures for Procedural Rationality?

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Keynes, Sraffa and the labour market∗

Cited by 9 publications

References 10 publications

Matrix multipliers, demand composition and income distribution: Post‐Keynesian–Sraffian theory and evidence from the world's ten largest economies

Matrix multipliers, demand composition and income distribution: Post‐Keynesian–Sraffian theory and evidence from the world's ten largest economies

The Post-Keynesian view on labour demand in micro- and macroeconomic fields

Methodological Issues in Labour Economics: Procedures for Procedural Rationality?

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Product

Resources

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Keynes, Sraffa and the labour market^∗