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Post-Keynesian Macrodynamics and Path-Dependent Growth

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  • Mark Setterfield

    ()
    (Department of Economics, Trinity College)

Abstract

This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrodynamics. A synthetic Post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path dependent in the Post-Keynesian tradition. Recent developments in neoclassical endogenous growth theory are then discussed, with a view to highlighting the sense in which these developments encroach on the Post-Keynesian treatment of growth as demand-led and path-dependent. Finally, the paper reflects on the pros and cons of these neoclassical developments for the future of Post-Keynesian macrodynamics.

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File URL: http://internet2.trincoll.edu/repec/WorkingPapers2010/wp10-09.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Trinity College, Department of Economics in its series Working Papers with number 1009.

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Length: 28 pages
Date of creation: Oct 2010
Date of revision:
Handle: RePEc:tri:wpaper:1009

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Keywords: Post-Keynesian growth theory; neoclassical growth theory; endogenous growth; path dependence;

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