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A Note on “Heterodox Macroeconomics” by Blecker and Setterfield

Author

Listed:
  • Emiliano Libman

    (Area de Economía, Centro de Estudios de Estado y Sociedad (CEDES))

Abstract

Blecker’s and Setterfield’s new textbook from 2019 presents an updated discussion of Heterodox models of growth and distribution. This note clarifies and elaborates on three important issues discussed in the book. First, the text presents mainly one-sectorial and one-technique models, which is a reasonable set-up to keep things simple but not always enough to discuss some controversial issues. Second, continuous substitution is important but not essential for neoclassical growth theory. Third, the popular Goodwin model presented in the text does not produce “limit cycles”.

Suggested Citation

  • Emiliano Libman, 2020. "A Note on “Heterodox Macroeconomics” by Blecker and Setterfield," Working Papers 2010, New School for Social Research, Department of Economics.
    • Handle: RePEc:new:wpaper:2010
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    File URL: http://www.economicpolicyresearch.org/econ/2020/NSSR_WP_0102020.pdf
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    Cited by:

    1. Robert A. Blecker & Mark Setterfield, 2020. "On multi-sector and multi-technique models, production functions and Goodwin cycles: a reply to Libman," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(3), pages 295-306, November.

    More about this item

    Keywords

    Economic Growth; Income Distribution; Heterodox Macroeconomics;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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