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    The impact of technical change and profit on investment in Australian manufacturing

    115608_9217_SHEDec08.pdf (188.1Kb)
    Access Status
    Open access
    Authors
    Bloch, Harry
    Courvisanos, Jerry
    Mangano, Maria
    Date
    2008
    Type
    Conference Paper
    
    Metadata
    Show full item record
    Citation
    Bloch, Harry and Courvisanos, Jerry and Mangano, Maria. 2008. The impact of technical change and profit on investment in Australian manufacturing, in Chester, L. and Johnson, M. and Kriesler, P. (ed), Contemporary Issues for Heterodox Economics - Proceedings. (Seventh Australian Society of Heterodox Economists Conference, Dec 8 2008), pp. 1-18. The University of New South Wales, Sydney, Australia: Society of Heterodox Economists, The University of New South Wales.
    Source Title
    Contemporary Issues for Heterodox Economics - Proceedings
    Source Conference
    Seventh Australian Society of Heterodox Economists Conference
    ISBN
    9780733427183
    Faculty
    Curtin Business School
    School of Economics and Finance
    Remarks

    The web site of The Australian Society of Heterodox Economists is at: <a href="http://www.economics.unsw.edu.au/nps/servlet/portalservice?GI_ID=System.LoggedOutInheritableArea&maxWnd=T_Heterodox_home">http://www.economics.unsw.edu.au/nps/servlet/portalservice?GI_ID=System.LoggedOutInheritableArea&maxWnd=T_Heterodox_home</a>

    URI
    http://hdl.handle.net/20.500.11937/44370
    Collection
    • Curtin Research Publications
    Abstract

    This paper combines Salter's analysis of capital-embodied technical change with Kalecki's analysis of financing investment from retained profits to provide a post-Keynesian model of investment with innovation, which is applied to data from Australian manufacturing industries. In the estimated model, profit is used as a measure of the ability to invest, and the rate of labour saving technical change embodied in new equipment (i.e. process innovation) reveals the inducement to invest. These two factors combine to explain the accumulation process and its link to technical progress.

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      This paper combines W.E.G. Salter's analysis of capital-embodied technical change with Kalecki's analysis of financing investment from retained profits to provide a Post Keynesian model of investment with process innovation, ...
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