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The Economic Growth and the Conjuncture Cycle in the Keynesian Models

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  • Vera Pirimova
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    Abstract

    The economic growth concepts are founded on the Keynesian and Neoclassical theories and models. This is also the basis for the two key, most applicable alternative methodological approaches for analyzing the main characteristic features and vehicles of growth – the multiplicator – accelerator and the production function respectively. In theory and out of the empiric application of the model constructions it was concluded, that they are highly adaptable, capable to test each growth trajectory – permanent ascending and even, and wavy or cyclic. The Keynesian, Neoclassical and the contemporary growth models could be interpreted on this ground under certain assumptions or they could be further developed as conjuncture cycle models. The focus is on the main trends of the alternative applicability of the Keynesian methodology for growth analysis, in order to deduce opportuntities to study the key indications of unsustainable nature and the conjuncture cyclic trend in GDP dynamics.

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    Bibliographic Info

    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

    Volume (Year): (2011)
    Issue (Month): 5 ()
    Pages: 3-20

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    Handle: RePEc:bas:econth:y:2011:i:5:p:3-20

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    1. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
    2. Drazen, Allan, 1980. "Recent Developments in Macroeconomic Disequilibrium Theory," Econometrica, Econometric Society, vol. 48(2), pages 283-306, March.
    3. Lawrence F. Katz, 1988. "Some recent developments in labor economics and their implications for macroeconomics," Proceedings, Federal Reserve Bank of Cleveland, pages 507-530.
    4. Thomas I. Palley, 1996. "Growth Theory in a Keynesian Mode: Some Keynesian Foundations for New Endogenous Growth Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(1), pages 113-135, October.
    5. Jones, Stephen R G & Stock, James H, 1987. "Demand Disturbances and Aggregate Fluctuations: The Implications of Near Rationality," Economic Journal, Royal Economic Society, vol. 97(385), pages 49-64, March.
    6. Mark Hayes, 2006. "The Economics of Keynes: A New Guide to The General Theory," Books, Post Keynesian Economics Study Group (PKSG), number nggt.
    7. Benassy, Jean-Pascal, 1984. "A non-Walrasian model of the business cycle," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 77-89, March.
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