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Post-Keynesian macrodynamics and path-dependent growth

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Author Info

  • Mark Setterfield

    ()
    (Trinity College, Hartford/CT, USA)

Abstract

This 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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File URL: http://www.elgaronline.com/abstract/journals/ejeep/8-2/ejeep.2011.02.06.xml
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Bibliographic Info

Article provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies.

Volume (Year): 8 (2011)
Issue (Month): 2 ()
Pages: 299-316

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Handle: RePEc:elg:ejeepi:v:8:y:2011:i:2:p299-316

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Web page: http://www.elgaronline.com/ejeep

Related research

Keywords: post-Keynesian growth theory; neoclassical growth theory; endogenous growth; path dependence;

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