The impact of technical change and profit on investment in Australian manufacturing
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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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Bloch, Harry; Courvisanos, J.; Mangano, M. (2011)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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