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Growth without normal capacity utilization

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Author Info

  • Antonella Palumbo
  • Attilio Trezzini

Abstract

Within the demand-led approach to growth, the long-period tendencies of quantities cannot be effectively studied through theoretical positions entailing normal utilization of capacity. Whether in the form of constant or of average normal utilization, this assumption contradicts the supposed autonomy of aggregate demand. Analysis of the operation of the adjustment of capacity to demand suggests that potentially offsetting forces make fully adjusted positions irrelevant. As quantities cannot be assumed to gravitate towards such positions, the relations between quantity variables determined on the normal utilization hypothesis provide a poor guide to the analysis of reality.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/0967256032000043814
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 10 (2003)
Issue (Month): 1 ()
Pages: 109-135

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Handle: RePEc:taf:eujhet:v:10:y:2003:i:1:p:109-135

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Related research

Keywords: Growth; Capacity Utilization; Keynesian Long-period Analysis; Accumulation;

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Citations

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Cited by:
  1. Antonella Palumbo, 2008. "I metodi di stima del PIL potenziale tra fondamenti di Teoria economica e Contenuto empirico," Departmental Working Papers of Economics - University 'Roma Tre' 0092, Department of Economics - University Roma Tre.
  2. White, Graham, 2008. "Demand-led growth with debt constraints," Working Papers 2008-01, University of Sydney, School of Economics.
  3. Kalyuzhnova, Yelena & Vagliasindi, Maria, 2006. "Capacity utilization of the Kazakhstani firms and the Russian financial crisis: A panel data analysis," Economic Systems, Elsevier, vol. 30(3), pages 231-248, October.
  4. Smith, Matthew, 2011. "Demand-Led Growth Theory: An Historical Approach," Working Papers 2011-02, University of Sydney, School of Economics.
  5. Sergio Cesaratto, 2012. "Neo-Kaleckian and Sraffian controversies on accumulation theory," Department of Economics University of Siena 650, Department of Economics, University of Siena.
  6. Attilio Trezzini, 2012. "The Meaning of the Long-Run Ratio of Saving to Social Income," Departmental Working Papers of Economics - University 'Roma Tre' 0151, Department of Economics - University Roma Tre.
  7. 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.
  8. repec:hal:cesptp:halshs-00196500 is not listed on IDEAS
  9. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.
  10. repec:hal:journl:halshs-00196500 is not listed on IDEAS
  11. Sergio Cesaratto, 2009. "Endogenous growth theory twenty years on: a critical assessment," Department of Economics University of Siena 559, Department of Economics, University of Siena.
  12. White, Graham, 2005. "Growth, Autonomous Demand and a Joint-Product Treatment of Fixed Capit al," Working Papers 8, University of Sydney, School of Economics.
  13. White, Graham, 2012. "The New Keynesian view of aggregate demand: some reflections from a Sraffian standpoint," Working Papers 2012-15, University of Sydney, School of Economics.

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