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Transformational Growth, Endogenous Demand, and a Developmental ELR Program

In: The Job Guarantee

Author

Listed:
  • Edward J. Nell
  • George Argyrous

Abstract

Both neoclassical and post-Keynesian growth theory fails to explain the determinants of the growth of demand. Historically, the growth of demand has depended on the changing structure of social classes, which in turn is also a key to the growth of productivity. Understanding this makes it possible to develop a simple theory in which the growth of demand is endogenous, and interacts with capital intensity, productivity, and relative shares. By defining a distinction between “collective” goods and “personal” goods, this model can be extended further to include the growth of government. Moreover, the Employer of Last Resort (ELR), which has hitherto been considered a countercyclical policy, can now be extended to questions of development, in economies in which there is a shortage of capital. The paper closes with comments on the limitations of theories of endogenous demand growth.

Suggested Citation

  • Edward J. Nell & George Argyrous, 2013. "Transformational Growth, Endogenous Demand, and a Developmental ELR Program," Palgrave Macmillan Books, in: Michael J. Murray & Mathew Forstater (ed.), The Job Guarantee, chapter 6, pages 125-159, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-29799-0_7
    DOI: 10.1057/9781137297990_7
    as

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