1-2 June 2015, Boğaziçi University

Lecturer: Dr. Cem Oyvat, University of Greenwich
E-mail: c.oyvat@greenwich.ac.uk
Room: IB 211

The aim of this 10-hours long mini course is to provide an introduction to Post-Keynesian/Neo-Kaleckian growth models that examine the relationship between economic growth and income distribution. The first section of the course will introduce students with functional income distribution, profit-led and wage-led growth and the basics of Marglin and Bhaduri, and Dutt models. The second section will cover different applications of Post-Keynesian/Neo-Kaleckian growth models (open economy, public investments, gender equality). Next, we will discuss the criticisms of Post-Keynesian/Kaleckian growth models. We will examine neo-Marxian Goodwin Model that considers the endogeneity between distribution and growth. The last section of the course will cover the empirical literature on wage-led and profit-led growth.

The course will meet at IB 211 on Monday June 1st from 10 am to 3pm (with a break from 12pm to 1pm) and Tuesday June 2nd from 10 am to 12:30 pm.

Course outline

1) Post-Keynesian/Neo-Kaleckian: Marglin and Bhaduri, Dutt
2) Extensions of wage-led and profit-led models (open economy, public investments, gender equality)
3) Criticisms of Post-Keynesian/Kaleckian growth models and the Goodwin model
4) Empirical applications of wage-led and profit-led growth

Core readings

Bhaduri, A., & Marglin, S. (1990). Unemployment and the real wage: the economic basis for contesting political ideologies. Cambridge Journal of Economics, 375-393.
Available at

Goodwin, R. M. (1967) "A Growth Cycle", in C.H. Feinstein (ed.) Socialism, Capitalism and Economic Growth. Cambridge: Cambridge University Press
Available at

Hein, E., & Vogel, L. (2008). Distribution and growth reconsidered: empirical results for six OECD countries. Cambridge Journal of Economics, 32(3), 479-511.

Onaran, Ö., & Galanis, G. (2014). Income distribution and growth: a global model. Environment and Planning A, 46(10), 2489-2513. 
(In working paper format) Available at

Optional readings

Blecker, R. (2010). “Open economy models of distribution and growth” in

E. Hein and E Stockhammer (eds.), A Modern Guide to Keynesian Macroeconomics and Economic Policies, Cheltenham, UK: Edward Elgar

Dutt, A. K. (1984). Stagnation, income distribution and monopoly power. Cambridge Journal of Economics, 25-40.

Palley, T. I. (2015). The middle class in macroeconomics and growth theory: a three-class neo-Kaleckian–Goodwin model. Cambridge Journal of Economics, 39(1), 221-243.

Seguino, S. (2012). Macroeconomics, Human Development, and Distribution. Journal of Human Development and Capabilities, 13(1), 59-81.

Skott, P. (2012). Theoretical and empirical shortcomings of the Kaleckian investment function. Metroeconomica, 63(1), 109-138.

Stockhammer, E., Hein, E., & Grafl, L. (2011). Globalization and the effects of changes in functional income distribution on aggregate demand in Germany. International Review of Applied Economics, 25(1), 1-23.

Stockhammer, E., Onaran, Ö., & Ederer, S. (2009). Functional income distribution and aggregate demand in the Euro area. Cambridge Journal of Economics, 33(1), 139-159.

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