Kalecki의 景氣變動理論과 投資函數

Kaleckian Theory of Business Cycle and Investment Function

Most of recent studies on bussiness cycle are focused on identifying causing elements of the cycle from external shocks such as government spending, technological changes, supply shocks and abrupt changes of exchange rates. In the simular sort of studies it is assumed that business cycles would not occur without external shocks. Fundamental guestions can be raised to the approaches ； why and how the external shocks are transmitted to the internal structure of economies showing particular type of cycles. The conventional wisdom has produced rather unsatisfactory answers to the question. Kaleckian approach ought to be reviewed whether his model can provide relevant answers since his model is built on the premises that bussiness cycles are to arise whithin capitalist market economy without external shocks. The core of Kalecki s thesis on business cycle lies in the very nature of capitalist economy that enterpreneurs seeking for profits are expressed in the investment function in which investment decisions are different from investment actualized by time lag and profit expectation but related with the other according to financial availability and techical changes. In the investment funtion savings rate of profit and rate of production changes plays important role while interest rate does negligible role. In the Kaleckian model the types of cycle are determined according to a particular magnitude of coefficients related with income distribution, ratio of own capital to investment. The dynamic nature of the investment function is characterized by backward and forward time lag, changes in inventory stock, and trends of technical changes. In this paper an analysis was carried on the essential factor of automatic mechanism of business cycle within the capitalist system of economy and further empirical evidences of model application to the USA and U.K. economy and the Korean. The result was found to be very significant enough to support Kaleckian hypotheses. Accordingly policy implications for Korean economy were presented.