{"title":"Profit‐Rate Equalization in the Kalecki–Steindl Model and the “Over‐Determination” Problem","authors":"A. Dutt","doi":"10.1111/1467-9957.00074","DOIUrl":null,"url":null,"abstract":"This note points out that the 'overdetermination' problem discovered by M.-S. Park in Kalecki-Steindl (KS) models is not a problem intrinsic to KS models and can easily be removed if one introduces a mechanism involving classical competition into them. The solution to the problem suggested by Park using a moving average interpretation is, therefore, unnecessary and it also does not provide an adequate solution to the overdetermination problem. However, the interpretation does serve to clarify the meaning of long-run equilibria in KS models. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester","PeriodicalId":83172,"journal":{"name":"The Manchester school of economic and social studies","volume":"43 1","pages":"443-451"},"PeriodicalIF":0.0000,"publicationDate":"1997-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"24","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"The Manchester school of economic and social studies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/1467-9957.00074","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 24
Abstract
This note points out that the 'overdetermination' problem discovered by M.-S. Park in Kalecki-Steindl (KS) models is not a problem intrinsic to KS models and can easily be removed if one introduces a mechanism involving classical competition into them. The solution to the problem suggested by Park using a moving average interpretation is, therefore, unnecessary and it also does not provide an adequate solution to the overdetermination problem. However, the interpretation does serve to clarify the meaning of long-run equilibria in KS models. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester