Modulbeschreibungen

Seminar

1. Introduction, measurement, stylized facts and trends of distribution, capital accumulation and growth
2. From Keynes to Harrod and Domar: considering the capacity effect of investment and an attempt at dynamic theory
3. Neoclassical distribution and growth theories: old and new
4. Post-Keynesian distribution and growth theories I: Kaldor, Pasinetti, Thirlwall and Robinson
5. Post-Keynesian distribution and growth theories II: Kalecki and Steindl
6. The basic Kaleckian distribution and growth models
7. Extending Kaleckian models I: saving out of wages and open economy issues
8. Extending Kaleckian models II: technical progress
9. Extending Kaleckian models III: interest and credit
10. Extending Kaleckian models IV: finance-dominated capitalism
11. The Kaleckian models and classical, Marxian and Harrodian critique

The course is based on:
Hein, E. (2014): Distribution and Growth after Keynes: A Post-Keynesian Guide, Cheltenham: Edward Elgar.

Further (text)books
Aghion, P., Howitt, P. (2009): The Economics of Growth, Cambridge, Mass: MIT Press.
Blecker, R.A., Setterfield, M. (2019): Heterodox Macroeconomics: Models of Demand, Distribution and Growth, Cheltenham: Edward Elgar.
Hein, E. (2012): The Macroeconomics of Finance-dominated Capitalism - and its Crisis, Cheltenham: Edward Elgar
Marglin, S.A. (1984): Growth, Distribution and Prices, Cambridge, Mass.: Harvard University Press.
Setterfield, M. (ed.) (2010): Handbook of Alternative Theories of Economic Growth, Cheltenham: Edward Elgar.
Thirlwall, A.P. (2002): The Nature of Economic Growth, Cheltenham: Edward Elgar
A detailed reading list will be handed out in class.

All courses of the 1^st semester of the MA International Economics or the MA Political Economy of European Integration, good understanding of macroeconomics

Seminar (Contact time: 64 hrs)

Starting from the empirical development of income distribution and growth in major OECD countries students will learn how distribution and growth issues are treated in different paradigms of economics. Post-Keynesian models will be studied in depth and applied to the development over the last five decades. Students should thus gain a good understanding of different theories in growth and distribution and how to apply them to the interpretation of recent developments.

Preparation for the Master Thesis Programme: MA International Economics and MA Political Economy of European Integration

Type of course unit: elective. Assessment methods and criteria: written assignment (4000 words), in which student demonstrate their general understanding of relevant theories and deepen and apply this to a certain topic in the area of growth and distribution (80%), and the presentation of the assignment in class (20%). If students fail the first exam, the type of the second and third exam will be a written assignment (5000 words) or an oral examination (up to 30 minutes). Name of lecturer: Prof. Dr. Eckhard Hein.