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Post Keynesian theory, technology policy, and long-term growth

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  • RENAUD BELLAIS

Abstract

Research and innovation are not addressed as central features in most Post Keynesian models, which integrate technological progress through capital accumulation. Analyzing aggregate demand and unemployment without integrating the impact of research leads to an incomplete understanding of the growth process. This paper aims at integrating the analysis of research in the Post Keynesian approach. Firms' inability to support basic, unfettered research contributes to the instability of capitalism, since it reduces tomorrow's investment opportunities. In a nonergodic world, true and fundamental uncertainty explains why firms choose such a strategy, and why a "comprehensive socialization of investment" is necessary through adequate public policies.

Suggested Citation

  • Renaud Bellais, 2004. "Post Keynesian theory, technology policy, and long-term growth," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 26(3), pages 419-440.
    • Handle: RePEc:mes:postke:v:26:y:2004:i:3:p:419-440
    DOI: 10.1080/01603477.2004.11051405
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    Cited by:

    1. Marco A. Crocco, 2008. "Technical Change And Formation Of Expectations," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 276-304, May.
    2. repec:dau:papers:123456789/6516 is not listed on IDEAS
    3. Jim SAWYER, 2008. "The (confusing) role of capital in speculative capitalism—U.S.- style," Working Papers 5, Réseau de Recherche sur l’Innovation. / Research Network on Innovation.

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