Modeling Keynes with Kalecki

Richardson, Colin; Courvisanos, Jerry

doi:10.4337/9781848446205.00015

Cited by 3 publications

(2 citation statements)

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“…Furthermore, the foundation of system dynamics is a micro‐structure that explains macro‐behaviour, which is consistent with a post‐Keynesian/institutional economics approach. Other authors that support the post‐Keynesian view of system dynamics modelling include Richardson and Courvisanos (), and John ().…”

Section: Literature Reviewmentioning

confidence: 99%

Is System Dynamics Modelling of Relevance to Neoclassical Economists?

Crookes

2014

South African J Economics

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System dynamics modelling is a technique that is widely used in business, environmental and ecological applications. In the field of economics, however, it is less frequently used, and those that do use it are usually not professionally trained economists. One of the reasons for this is the perceived ideological differences between system dynamics modelling and neoclassical economics. System dynamics is classified in the literature as a heterodox approach. This article utilises a reputable framework from social theory to compare system dynamics modelling and neoclassical economics on ontological and epistemological grounds. This is the first known study to find congruency between these two approaches on this basis. System dynamics modelling has the potential to increase the range of modelling tools at the disposal of neoclassical economics, so long dominated by econometric and general equilibrium modelling approaches.

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Section: Literature Reviewmentioning

confidence: 99%

Is System Dynamics Modelling of Relevance to Neoclassical Economists?

Crookes

2014

South African J Economics

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“…This non‐linear simulation methodology is similar in spirit to that of Richardson and Courvisanos (), in that it uses numerical techniques to find solution pathways in Robinsonian historical time, although the former use a discrete‐time model with multiple agents. For an early example, see Keen ().…”

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confidence: 99%

Fiscal Policy, Chartal Money, Mark‐up Dynamics and Unemployment Insurance in a Model of Growth and Distribution

Hannsgen

2014

Metroeconomica

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Given one parameter restriction, an output‐stabilization rule for the provision of public services turns a Kaldor–Kalecki–Steindl growth model with unstable, catastrophe‐prone dynamics into one with a stable limit cycle. In contrast, using a budget‐balancing rule produces a saddle point, along with closed orbits near the boundaries of the state space. Adding Kaleckian mark‐up dynamics destabilizes the equilibrium, with a spiraling path followed by a spin‐out found in simulation. A final exercise establishes the possibility of adding a variable workforce and a public unemployment insurance system. Throughout, an identity governs the dynamics of the stocks of public financial liabilities.

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Towards a Model of Eco-Sustainable Agricultural. Production in a Regulated River Basin

Courvisanos¹,

Richardson²

2011

Journal of Innovation Economics &Amp; Management

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Modeling Keynes with Kalecki

Cited by 3 publications

References 0 publications

Is System Dynamics Modelling of Relevance to Neoclassical Economists?

Is System Dynamics Modelling of Relevance to Neoclassical Economists?

Fiscal Policy, Chartal Money, Mark‐up Dynamics and Unemployment Insurance in a Model of Growth and Distribution

Towards a Model of Eco-Sustainable Agricultural. Production in a Regulated River Basin

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