SHAREHOLDER VALUE ORIENTATION, DISTRIBUTION AND GROWTH-SHORT- AND MEDIUM-RUN EFFECTS IN A KALECKIAN MODEL

2009/06/10 by Eckhard Hein · 1 citation
Economics, Econometrics and Finance · Social Sciences · #Economic Theory and Policy #Economic theories and models #Political Economy and Marxism

paper · doi:10.1111/j.1467-999x.2009.04072.x

openalex publication_date 2009/06/10 · crossref created 2009/06/10 · crossref issued 2010/05/01 · crossref published 2010/05/01 · crossref published-print 2010/05/01 · crossref deposited 2023/05/25 · openalex created_date 2025/10/10 · crossref indexed 2026/07/29 · openalex updated_date 2026/07/30

Abstract

We discuss the effects of rising shareholder power on distribution and capital accumulation in a Kaleckian model. In the short run, increasing shareholder power may have either positive (‘finance-led’), negative (‘normal’) or ‘intermediate’ (‘profits without investment’) effects on capacity utilization, profits and capital accumulation. In the medium run, the positive (‘finance-led’) effects may be maintained in a stable regime under very special conditions, whereas the negative (‘normal’) and the ‘intermediate’ (‘profits without investment’) effects turn into disequilibrium processes with falling rates of capital accumulation and rising outside finance–capital ratios. Therefore, this process gives rise to a ‘paradox of outside finance’.

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