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Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis


One of the main consequences of global economic crisis of 2008 and the Euro-zone crisis of 2009 is that some dominating paradigms of neoclassical economics such as pure market economics and supply side economic growth have been questioned. This paper reviews the theoretical contributions of Post Keynesian literature to the issue of distribution-growth nexus. Furthermore, this article discusses economic policy proposals and analyses developed by Post Keynesian models based on neo-Kaleckian theoretical foundations. In contrast to neo-classical theory, neo-Kaleckian models have very strong political economy implications and distributional policy (egalitarian or unequal) has a profound impact on economic growth. Neo-Kaleckian models suggest that rising income inequalities produced by neo-liberal policies may generate insufficient level of aggregate demand, leading to slow economic growth in a wage-led demand and growth regime.

Key words: Income Distribution, Economic Growth, Neo-Kaleckian Models. JEL Classification: E12, E20, O15, O40, O49.


Büyük küresel ekonomik krizin 2008-2010 ve Avro bölgesi krizinin 2009-… önemli sonuçlarından biri neoklasik iktisadın serbest piyasa ekonomisi ve arz yönlü iktisadi büyüme gibi bazı egemen paradigmalarının sorgulanmasına neden olmasıdır. Bu çalışma esas olarak gelir dağılımı ile iktisadi büyüme ilişkisi konusunda Post-Keynesyen literatürün katkılarını gözden geçirmektedir. Ayrıca, Post-Keynesyen iktisatçıların neo-Kaleckiyen teorik temellere dayalı olarak geliştirdikleri iktisat politikası önerileri ve analizleri de tartışılmaktadır. Neo-klasik teoriden farklı olarak, neo-Kaleckiyen modellerin çok güçlü politik iktisat uzantıları vardır ve bölüşüm politikası (eşitlikçi ya da eşitsizliği arttırıcı) iktisadi büyüme sürecini derinden etkilemektedir. Neo-Kaleckiyen modellere göre, ücret-yönlü talep ve büyüme rejimine sahip ekonomilerde neo-liberal politikaların neden olduğu eşitsiz gelir dağılımı ekonomide yapısal bir toplam talep eksikliği yaratarak, iktisadi büyümeyi yavaşlatabilir.

Anahtar Kelimeler: Gelir Dağılımı, İktisadi Büyüme, Neo-Kaleckiyen Modeller. JEL Sınıflaması: E12, E20, O15, O40, O49.

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Alpaslan AKCORAOGLU. [Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]. Ekonomik Yaklasim. 2015; 26(96): 91-126. Turkish. doi:10.5455/ey.35704

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Alpaslan AKCORAOGLU. [Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]. [Access: February 20, 2019]. Turkish. doi:10.5455/ey.35704

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Alpaslan AKCORAOGLU. [Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]. Ekonomik Yaklasim. 2015; 26(96): 91-126. Turkish. doi:10.5455/ey.35704

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Alpaslan AKCORAOGLU. [Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]. Ekonomik Yaklasim. (2015), [cited February 20, 2019]; 26(96): 91-126. Turkish. doi:10.5455/ey.35704

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Alpaslan AKCORAOGLU (2015) [Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]. Ekonomik Yaklasim, 26 (96), 91-126. Turkish. doi:10.5455/ey.35704

Turabian Style

Alpaslan AKCORAOGLU. 2015. [Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]. Ekonomik Yaklasim, 26 (96), 91-126. Turkish. doi:10.5455/ey.35704

Chicago Style

Alpaslan AKCORAOGLU. "[Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]." Ekonomik Yaklasim 26 (2015), 91-126. Turkish. doi:10.5455/ey.35704

MLA (The Modern Language Association) Style

Alpaslan AKCORAOGLU. "[Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]." Ekonomik Yaklasim 26.96 (2015), 91-126. Print.Turkish. doi:10.5455/ey.35704

APA (American Psychological Association) Style

Alpaslan AKCORAOGLU (2015) [Income Distribution and Economic Growth: Post-Keynesian Models and Policy Analysis]. Ekonomik Yaklasim, 26 (96), 91-126. Turkish. doi:10.5455/ey.35704