Post-Keynesian Macrodynamics and Path-Dependent Growth
AbstractThis 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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Bibliographic InfoPaper provided by Trinity College, Department of Economics in its series Working Papers with number 1009.
Length: 28 pages
Date of creation: Oct 2010
Date of revision:
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Web page: http://www.trincoll.edu/Academics/MajorsAndMinors/Economics/Pages/default.aspx
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Post-Keynesian growth theory; neoclassical growth theory; endogenous growth; path dependence;
Other versions of this item:
- Mark Setterfield, 2011. "Post-Keynesian macrodynamics and path-dependent growth," European Journal of Economics and Economic Policies: Intervention, Edward Elgar, vol. 8(2), pages 299-316.
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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