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The theory of output in the modern classical approach: main principles and controversial issues

Author

Listed:
  • Attilio Trezzini

    (Roma Tre University, Italy)

  • Antonella Palumbo

    (Roma Tre University, Italy)

Abstract

An approach to the theory of output and growth which combines the classical theory of value and distribution with Keynes's principle of effective demand originates from the theoretical contribution of Piero Sraffa. The paper addresses the main lines of this 'classical–Keynesian' approach. It also expounds the main questions that animate the debate within the approach.

Suggested Citation

  • Attilio Trezzini & Antonella Palumbo, 2016. "The theory of output in the modern classical approach: main principles and controversial issues," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(4), pages 503-522, October.
    • Handle: RePEc:elg:rokejn:v:4:y:2016:i:4:p503-522
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    Citations

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    Cited by:

    1. Lorenzo Di Domenico, 2021. "Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization," Working Papers PKWP2116, Post Keynesian Economics Society (PKES).
    2. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    3. Trezzini, Attilio, 2017. "Harrodian Instability: a Misleading Concept," Centro Sraffa Working Papers CSWP24, Centro di Ricerche e Documentazione "Piero Sraffa".
    4. Trezzini, Attilio & Pignalosa, Daria, 2021. "The Normal Degree of Capacity Utilization: The History of a Controversial Concept," Centro Sraffa Working Papers CSWP49, Centro di Ricerche e Documentazione "Piero Sraffa".
    5. Mauro Caminati & Serena Sordi, 2019. "Demand‐led growth with endogenous innovation," Metroeconomica, Wiley Blackwell, vol. 70(3), pages 405-422, July.
    6. Matteo Deleidi & Mariana Mazzucato, 2019. "Mission-Oriented Innovation Policies: A Theoretical And Empirical Assessment For The Us Economy," Departmental Working Papers of Economics - University 'Roma Tre' 0248, Department of Economics - University Roma Tre.
    7. Attilio Trezzini, 2021. "Harrodian Instability: An Unhelpful Analytical Concept," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(2), pages 320-336, June.
    8. Claudio Cantaro, 2022. "L'approccio classico-keynesiano e la teoria del ruolo sociale del consumo (The classical-Keynesian approach and the Theory of the Social Role of Consumption)," Moneta e Credito, Economia civile, vol. 75(299), pages 285-306.

    More about this item

    Keywords

    demand-led growth; classical political economy; capacity utilization;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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