Post-Keynesian macrodynamics and path-dependent growth
AbstractThis paper discusses the treatment of growth as a path-dependent process in post-Keynesian macrodynamics. A synthetic post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path-dependent in the post-Keynesian tradition. Recent developments in neoclassical endogenous growth theory are then discussed, with a view to highlighting the sense in which these developments encroach on the post-Keynesian treatment of growth as demand-led and path-dependent. Finally, the paper reflects on the pros and cons of these neoclassical developments for the future of post-Keynesian macrodynamics.
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Bibliographic InfoArticle provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies.
Volume (Year): 8 (2011)
Issue (Month): 2 ()
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Web page: http://www.elgaronline.com/ejeep
post-Keynesian growth theory; neoclassical growth theory; endogenous growth; path dependence;
Other versions of this item:
- Mark Setterfield, 2010. "Post-Keynesian Macrodynamics and Path-Dependent Growth," Working Papers 1009, Trinity College, Department of Economics.
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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