Foundations of Kaleckian Macroeconomics for Teaching
DOI:
https://doi.org/10.46661/rec.11373Keywords:
Kaleckian model, Wages, Labor market, Teaching modelsAbstract
This paper introduces a simplified Kaleckian model that integrates the main variables of the labor market (wages and productivity) tailored for early-level Macroeconomics instruction. Firstly, the model employs the typical structure of linear equation systems within short-term aggregate demand models (assuming constant capital stock), outlining IS curves for each wage level. Secondly, I conduct simulations to assess the impacts of exogenous variables: wages, productivity, and fiscal policy, introducing a novel distinction between different types of taxes (on labor or capital income). Finally, the variables previously considered exogenous are integrated into the model: productivity (Webb effect), wages (wage curve), and prices (mark-up). The major advantage of this model lies in its flexibility, where diverse outcomes can arise based on parameter variations, eliminating the need for altering assumptions. Furthermore, this straightforward formulation facilitates easy comparison with the IS-LM model family, thus making it suitable for incorporation into an undergraduate-level course.
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