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Government Deficits, Liquidity Preference, and Schumpeterian Innovation

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  • Randall Wray

Abstract

Wray asserts that rigorous analyses of the role played by innovation in economic development must acknowledge the contribution of Joseph Schumpeter. However, the author suggests that the current stagnation confronting most developed, capitalist economies "cannot be understood without synthesizing Schumpeter's insights with those of Kalecki and Keynes." Hence, Schumpeter's work alone is inadequate in explaining the links between government deficits in ensuring aggregate demand and corporate profits.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_99.

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Date of creation: Oct 1993
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Handle: RePEc:lev:wrkpap:wp_99

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  1. Wray, L Randall, 1992. "Alternative Theories of the Rate of Interest," Cambridge Journal of Economics, Oxford University Press, vol. 16(1), pages 69-89, March.
  2. Jan Allen Kregel, 1993. "A Post Keynesian Explanation of the Causes of the Current World Slupm," Working Papers 182, Dipartimento Scienze Economiche, Universita' di Bologna.
  3. Robert Heilbroner, 1993. "Was Schumpeter Right after All?," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 87-96, Summer.
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  1. Plan B: Interview with Lester Brown about Collapse
    by Tom Hickey in Mike Norman Economics on 2011-03-28 18:46:00

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