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Copyright © Cambridge Political Economy Society

research-article

On Kaldor and pensions

Christos Pitelis*

*University of Cambridge

Abstract

In this paper the ‘Kaldorian Saving Function’ on differential propensities between household and corporate income is restated and extended to account for saving through occupational pension funds. The extended hypothesis is then tested and compared to Kaldor's own, using recent UK data. Solid support is found for the Kaldorian hypothesis and the extended ‘Corporate Capitalism Saving Function’. Our findings cast doubt on the Life Cycle and related hypotheses on savings. They also raise interesting questions about neoclassical and post-Keynesian theories of growth and distribution.

Manuscript received March 6, 1995; final version received October 30, 1995.


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