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Demand Policies For Long-Run Growth: Being Keynesian Both In The Short And In The Long Run?

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  • Marco Missaglia

Abstract

The idea of demand-led growth is defended by neo-Kaleckians and neo-Keynesians using very specific assumptions. In their models the paradox of costs is always valid in the long run. The central message of this paper is that these specific and strong assumptions are not needed to defend the Kaleckian perspective of a demand-driven long-run growth. What is needed is simply a less demanding theory of flexible mark-ups in an open economy. The formal model developed in this paper shows that long-run growth may be demand driven even when the paradox of costs does not hold in the long run. Copyright � 2007 The Author; Journal compilation � 2007 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 58 (2007)
Issue (Month): 1 (02)
Pages: 74-94

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Handle: RePEc:bla:metroe:v:58:y:2007:i:1:p:74-94

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Cited by:
  1. Antoine Godin, 2012. "Job Guarantee: a Structuralist Perspective," DEM Working Papers Series 016, University of Pavia, Department of Economics and Management.
  2. Hiroaki Sasaki & Ryunosuke Sonoda & Shinya Fujita, 2012. "International Competition and Distributive Class Conflict in an Open Economy Kaleckian Model," Discussion papers e-12-005, Graduate School of Economics Project Center, Kyoto University.
  3. Eckhard Hein & Marc Lavoie & Till van Treeck, 2008. "Some instability puzzles in Kaleckian models of growth and distribution: A critical survey," IMK Working Paper 19-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  4. repec:hal:cesptp:halshs-00196500 is not listed on IDEAS
  5. repec:hal:journl:halshs-00196500 is not listed on IDEAS

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