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Combining Keynes and Schumpeter. Ingvar Svennilson's Contribution to the Swedish Growth School and Modern Economics

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  • Erixon, Lennart

    ()
    (Dept. of Economics, Stockholm University)

Abstract

In a study of European growth in the interwar period, the Swedish economist Ingvar Svennilson integrated a Keynesian theory of cumulative growth with a Schumpeterian analysis of economic transformation. Svennilson emphasised that innovations and the use of new technologies had been stimulated by high demand and production growth. Svennilson’s strong commitment to "Vendoorn's Law" which actually was "Svennilson's Law", made it difficult to incorporate him in a Schumpeterian tradition. A synthesis between Keynes and Schumpeter with Svennilson as a mediator was also prevented by the decisive role of entrepreneurship and the critique of Keynesian models in works by Schumpeter and the Swedish growth school. However, a synthesis has been facilitated by neo-Schumpeterian theories of demand-led innovations and cumulative economic processes. Svennilson’s study has been superseded by later contributions to economics except for a theory of a negative, "Keynesian", relationship between unemployment and growth and an exceptional "un-Verdoornian" theory that high aggregate demand may lead to crowding-out of new firms from capital markets. Besides, Svennilson's integration of short run and long run macro analysis and of theoretical and empirical work is still a fruitful research strategy in economics.

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Bibliographic Info

Paper provided by Stockholm University, Department of Economics in its series Research Papers in Economics with number 2003:8.

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Length: 35 pages
Date of creation: 22 Jul 2003
Date of revision:
Handle: RePEc:hhs:sunrpe:2003_0008

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Postal: Department of Economics, Stockholm, S-106 91 Stockholm, Sweden
Phone: +46 8 16 20 00
Fax: +46 8 16 14 25
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Web page: http://www.ne.su.se/
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Keywords: Innovations; Cumulative Growth; Productivity Growth; Verdoorn’s Law; Swedish Growth School;

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Cited by:
  1. Karl-Johan Lundquist & Lars-Olof Olander & Martin Svensson Henning, 2008. "Creative destruction and economic welfare in Swedish regions: Spatial dimensions of structural change, growth and employment," SRE-Disc sre-disc-2008_03, Institute for the Environment and Regional Development, Department of Socioeconomics, Vienna University of Economics and Business.
  2. Erixon, Lennart, 2009. "Development Blocks, Faulty Investment and Structural Tensions – The Åkerman- Dahmén Theory of the Business Cycle," Research Papers in Economics 2009:9, Stockholm University, Department of Economics.

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