The impact of technical change and profit on investment in Australian manufacturing
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 estima...
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| Format: | Conference Paper |
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Society of Heterodox Economists, The University of New South Wales
2008
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| Online Access: | http://hdl.handle.net/20.500.11937/44370 |
| _version_ | 1848756981477670912 |
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| author | Bloch, Harry Courvisanos, Jerry Mangano, Maria |
| author2 | Lynne Chester |
| author_facet | Lynne Chester Bloch, Harry Courvisanos, Jerry Mangano, Maria |
| author_sort | Bloch, Harry |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | 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. |
| first_indexed | 2025-11-14T09:20:50Z |
| format | Conference Paper |
| id | curtin-20.500.11937-44370 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T09:20:50Z |
| publishDate | 2008 |
| publisher | Society of Heterodox Economists, The University of New South Wales |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-443702022-12-07T06:50:50Z The impact of technical change and profit on investment in Australian manufacturing Bloch, Harry Courvisanos, Jerry Mangano, Maria Lynne Chester Michael Johnson Peter Kriesler Kalecki embodied technical change vintage capital Salter investment 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. 2008 Conference Paper http://hdl.handle.net/20.500.11937/44370 Society of Heterodox Economists, The University of New South Wales fulltext |
| spellingShingle | Kalecki embodied technical change vintage capital Salter investment Bloch, Harry Courvisanos, Jerry Mangano, Maria The impact of technical change and profit on investment in Australian manufacturing |
| title | The impact of technical change and profit on investment in Australian manufacturing |
| title_full | The impact of technical change and profit on investment in Australian manufacturing |
| title_fullStr | The impact of technical change and profit on investment in Australian manufacturing |
| title_full_unstemmed | The impact of technical change and profit on investment in Australian manufacturing |
| title_short | The impact of technical change and profit on investment in Australian manufacturing |
| title_sort | impact of technical change and profit on investment in australian manufacturing |
| topic | Kalecki embodied technical change vintage capital Salter investment |
| url | http://hdl.handle.net/20.500.11937/44370 |