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Neo-Kaleckian and Sraffian controversies on accumulation theory

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  • Sergio Cesaratto

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Abstract

With some exceptions, non-orthodox economists share the ‘Keynesian Hypothesis’ of the independence of investment from capacity-savings, in the long-run no less than the short-run. This hypothesis marks an essential point of difference from neo-classical theory. Keynes showed that within the limits of the existing capacity utilisation, it is investment that determines savings. The correct way to extend this conclusion to the long run is the object of the present paper. In particular, it provides an assessment of the controversy on demand-led growth theory that has taken place since the mid-1980s between neo-Kaleckian and Sraffian authors, particularly those closer to the late Piero Garegnani’s ‘surplus approach’. For the sake of the argument the Sraffian front is divided between a first and a second Sraffian position (the second defined as Sraffian supermultiplier approach). Although I argue that the second approach is the most promising, the dissention should not be over-emphasised, so will also often generically refer to Sraffian authors.

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Bibliographic Info

Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 650.

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Date of creation: Aug 2012
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Handle: RePEc:usi:wpaper:650

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  1. Gennaro Zezza, 2009. "Fiscal Policy and the Economics of Financial Balances," Economics Working Paper Archive wp_569, Levy Economics Institute.
  2. Sergio Cesaratto & Franklin Serrano & Antonella Stirati, 2003. "Technical Change, Effective Demand and Employment," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 33-52.
  3. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 375-93, December.
  4. Lavoie, M., 1992. "The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques," Working Papers 9201e, University of Ottawa, Department of Economics.
  5. Sergio Cesaratto & Antonella Stirati, 2010. "Germany and the European and Global Crises," International Journal of Political Economy, M.E. Sharpe, Inc., vol. 39(4), pages 56-86, January.
  6. Sergio Cesaratto, 2009. "Endogenous growth theory twenty years on: a critical assessment," Department of Economics University of Siena 559, Department of Economics, University of Siena.
  7. Pierangelo Garegnani & Attilio Trezzini, 2010. "Cycles and Growth: A Source of Demand-Driven Endogenous Growth," Review of Political Economy, Taylor & Francis Journals, vol. 22(1), pages 119-125.
  8. J. A. Kregel, 1980. "Economic Dynamics and the Theory of Steady Growth: An Historical Essay on Harrod's ‘Knife-edge'," History of Political Economy, Duke University Press, vol. 12(1), pages 97-123, Spring.
  9. Cesaratto, Sergio, 1999. "Savings and Economic Growth in Neoclassical Theory," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 771-93, November.
  10. Eckhard Hein & Marc Lavoie & Till van Treeck, 2012. "Harrodian Instability And The ‘Normal Rate’ Of Capacity Utilization In Kaleckian Models Of Distribution And Growth—A Survey," Metroeconomica, Wiley Blackwell, vol. 63(1), pages 139-169, 02.
  11. L. Randall Wray, 2011. "Minsky crisis," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  12. Alcino F. Camara-Neto and Matías Vernengo, 2010. "Keynes after Sraffa and Kaldor: Effective demand, accumulation and productivity growth," Working Paper Series, Department of Economics, University of Utah 2010_07, University of Utah, Department of Economics.
  13. Marc Lavoie, 2003. "Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 53-74.
  14. Antonella Palumbo & Attilio Trezzini, 2003. "Growth without normal capacity utilization," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 109-135.
  15. Eckhard Hein & Marc Lavoie & Till van Treeck, 2008. "Some instability puzzles in Kaleckian models of growth and distribution: A critical survey," IMK Working Paper 19-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  16. Anwar Shaikh, 2009. "Economic Policy In A Growth Context: A Classical Synthesis Of Keynes And Harrod," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 455-494, 07.
  17. Smith, Matthew, 2011. "Demand-Led Growth Theory: An Historical Approach," Working Papers 2011-02, University of Sydney, School of Economics.
  18. Sergio Cesaratto, 2006. "A reply to Michl," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 985-987, November.
  19. Trezzini, Attilio, 1995. "Capacity Utilisation in the Long Run and the Autonomous Components of Aggregate Demand," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 33-66.
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Cited by:
  1. Sergio Cesaratto, 2012. "Harmonic and Conflict Views in International Economic Relations: a Sraffian view," Department of Economics University of Siena 651, Department of Economics, University of Siena.
  2. Esteban Perez Caldentey & Matias Vernengo, 2013. "Wage and Profit-led Growth: The Limits to Neo-Kaleckian Models and a Kaldorian Proposal," Economics Working Paper Archive wp_775, Levy Economics Institute.

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