Capital Accumulation, Income Distribution, Technical Progress And Endogenous Money In A Post-Keynesian Macrodynamic Model

The objective this paper is to analyze the dynamic path of the profit rate, the interest rate, the rate of capital accumulation and the degree of utilization of the productive capacity face exogenous changes of the intensity of technological progress and the propensity to save of capitalists within a Post-Keynesian macroeconomic dynamic model that join the real and monetary side of the economy. The computational simulation allowed investigating the degree of proximity of the model to the dynamics of a real economy. The simulation showed, amongst other results, that: (i) the profit rate is significantly elastic with regard to the rate of technological progress, while the interests rate and the degree of utilization of the capacity are little sensible to this variable; and (ii) the confirmation of the paradox of the thrift, according to which an increase of the propensity to save of the capitalists reduces the level of the aggregate saving.