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Supply and Demand in the Theory of Long-run Growth: Introduction to a symposium on demand-led growth

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  • Mark Setterfield

Abstract

Recent developments in growth theory have encouraged a revisionist interpretation of the field. According to this interpretation long-run growth should be, and always has been, interpreted as a supply-side process. The focus of this symposium is the macro-economics of demand-led growth. As a precursor to the contributions that follow, two central insights of demand-led growth theory are highlighted. First, chronic effective demand problems create a role for aggregate demand in determining the utilization rates of productive resources, even in the long run. Second, the demand-led actual rate of growth influences both the accumulation and productivity of factor inputs, and hence the economy's potential rate of growth.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 15 (2003)
Issue (Month): 1 ()
Pages: 23-32

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Handle: RePEc:taf:revpoe:v:15:y:2003:i:1:p:23-32

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Cited by:
  1. MASCA Simona-Gabriela & JUDE Cristina, 2009. "The Vicious Circle Of Fdi And Consumption In Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 2(1), pages 417-423, May.
  2. Bonaventura, Luigi & Caserta, Maurizio, 2004. "An adaptive evolutionary behaviour for the demand-led growth adjustment," MPRA Paper 2527, University Library of Munich, Germany.
  3. Loaiza Quintero, O.L., 2011. "La demanda agregada y la distribución del ingreso: Un estudio a partir de los modelos de crecimiento kaleckianos
    [Aggregate Demand and Income Distribution: A Kaleckian Growth Model Approach]
    ," MPRA Paper 42667, University Library of Munich, Germany, revised 01 Apr 2011.
  4. Vasiliki Bozani, 2011. "NAIRU, Unemployment and Post Keynesian Economics," Working Papers 1105, University of Crete, Department of Economics.
  5. Klein, Rolf, 2011. "Wachstum durch das Nadelöhr begrenzter Budgets
    [Growth through the Bottleneck of Limited Budgets]
    ," MPRA Paper 35527, University Library of Munich, Germany.
  6. Loaiza Quintero, Osmar Leandro & Sierra Ríos, Ana Milena, 2010. "Salarios, demanda agregada y desempeño económico en Colombia: un debate no resuelto
    [Wages, aggregate demand and economic performance in Colombia: an unsolved debate]
    ," MPRA Paper 42669, University Library of Munich, Germany.
  7. Jochen Hartwig, 2005. "Sind unsere gesamtwirtschaftlichen Probleme überhaupt lösbar?," KOF Working papers 05-112, KOF Swiss Economic Institute, ETH Zurich.
  8. Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.
  9. Amitava Krishna Dutt, 2006. "Aggregate Demand, Aggregate Supply and Economic Growth," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 319-336.

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