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Kaldor and Robinson on money and growth

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  • Matias Vernengo
  • Louis-Philippe Rochon

Abstract

Post-Keynesian theory was developed as an alternative to mainstream neoclassical economics. However, post-Keynesians have not succeeded in getting their message through, partly because of the difficult and controversial economic issues upon which they embarked, partly because they emphasized, both in their monetary and growth analysis, theories that do not radically depart from the mainstream of economics. This paper therefore argues that post-Keynesian economics got off on the wrong foot. Rather than having emphasized the works of Minsky and (the early) Kaldor in money, post-Keynesians should have considered the contributions of Robinson and Kahn. Also, rather than having emphasized the work of Robinson and Harrod on growth, they ought to have given greater emphasis to Kaldor's demand-oriented growth theory. Hence, as a simplification, post-Keynesians should have considered Robinson on money, not Kaldor; and Kaldor on growth, not Robinson.

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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): 8 (2001)
Issue (Month): 1 ()
Pages: 75-103

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Handle: RePEc:taf:eujhet:v:8:y:2001:i:1:p:75-103

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Related research

Keywords: Money Growth Post-KEYNESIANS Nicholas Kaldor Joan Robinson Cambridge School;

References

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  1. Kaldor, Nicholas, 1970. "The Case for Regional Policies," Scottish Journal of Political Economy, Scottish Economic Society, vol. 17(3), pages 337-48, November.
  2. Basil J. Moore, 1991. "Money Supply Endogeneity: "Reserve Price Setting" or "Reserve Quantity Setting"?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 13(3), pages 404-413, April.
  3. Asimakopulos,A., 1991. "Keynes's General Theory and Accumulation," Cambridge Books, Cambridge University Press, number 9780521368155, October.
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  6. Dixon, R & Thirlwall, A P, 1975. "A Model of Regional Growth-Rate Differences on Kaldorian Lines," Oxford Economic Papers, Oxford University Press, vol. 27(2), pages 201-14, July.
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  8. Eichner, Alfred S., 1982. "La théorie post-keynésienne et la recherche empirique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 58(1), pages 223-247, janvier-j.
  9. Targetti, Ferdinando, 1992. "Nicholas Kaldor: The Economics and Politics of Capitalism as a Dynamic System," OUP Catalogue, Oxford University Press, number 9780198283485.
  10. Hamouda, Omar F & Harcourt, G C, 1988. "Post Keynesianism: From Criticism to Coherence?," Bulletin of Economic Research, Wiley Blackwell, vol. 40(1), pages 1-33, January.
  11. Dardi, Marco, 1994. "Kahn's Theory of Liquidity Preference and Monetary Policy," Cambridge Journal of Economics, Oxford University Press, vol. 18(1), pages 91-106, February.
  12. Cottrell, Allin F, 1988. "The Endogeneity of Money: Reply," Scottish Journal of Political Economy, Scottish Economic Society, vol. 35(3), pages 295-97, August.
  13. Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 67-90.
  14. Palumbo, Antonella, 1996. "Notes on Investment, Saving and Growth," Contributions to Political Economy, Oxford University Press, vol. 15(0), pages 105-15.
  15. Hewitson, Gillian, 1995. " Post-Keynesian Monetary Theory: Some Issues," Journal of Economic Surveys, Wiley Blackwell, vol. 9(3), pages 285-310.
  16. Pivetti, Massimo, 1992. "Military Spending as a Burden on Growth: An 'Underconsumptionist' Critique," Cambridge Journal of Economics, Oxford University Press, vol. 16(4), pages 373-84, December.
  17. Dutt, Amitava Krishna, 1984. "Stagnation, Income Distribution and Monopoly Power," Cambridge Journal of Economics, Oxford University Press, vol. 8(1), pages 25-40, March.
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Citations

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Cited by:
  1. Esteban Pérez Caldentey & Matias Vernengo, 2013. "Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism," Working Paper Series, Department of Economics, University of Utah 2013_08, University of Utah, Department of Economics.
  2. Luca Fiorito & Matías Vernengo, 2009. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 43(4), pages 899-916, December.
  3. Eckhard Hein, 2004. "Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model," Macroeconomics 0412005, EconWPA.
  4. Eckhard Hein, 2005. "Interest, debt and capital accumulation - a Kaleckian approach," Macroeconomics 0510007, EconWPA.

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