Inside debt, aggregate demand, and the Cambridge theory of distribution
构建了一个包含工人借贷和人口结构的卡莱茨基模型,分析工人借贷如何影响总需求,并重新审视剑桥定理,发现内部债务使利润率不再独立于工人消费行为。
This paper presents a Kaleckian model of aggregate demand with inside debt and a generational structure. The model shows how worker borrowing and population growth affect the level of aggregate demand. It also reexamines the Cambridge theorem and shows that the introduction of inside debt arising from worker borrowing means that the rate of profit and profit share are no longer independent of worker consumption behavior because increased worker borrowing increases capitalists' debt service income. This necessitates a decline in profits to maintain the balance between capitalists' savings and their investment funding requirement. (c) 1996 Academic Press Limited Copyright 1996 by Oxford University Press.