Growth, Cycles, and Distribution

This book is a collection of Hiroaki Sasaki's contributions to further developing the Kaleckian model of analyzing economic growth cycles and distribution. The Kaleckian model is a post-Keynesian type of growth model based on a principle of effective demand. It investigates how changes in income distribution affect microeconomic variables, such as economic growth, output, and employment. Although many discussions of the Kaleckian model focus on short-run economic growth, Sasaki's main contribution is that he also considers medium and long-runs. Sasaki also introduces a variety of factors, such as differentiating between profit-led and wage-led regimes and investigating how the wage gap between regular and non-regular types of employment affects economic growth. The earlier versions of the papers collected here have been previously published in esteemed academic journals, such as Structural Change and Economic Dynamics, Journal of Economics, International Review of Applied Economics, and Metroeconomics.