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Government Deficits, Liquidity Preference, and Schumpeterian Innovation

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  • L. Randall Wray

    (The Jerome Levy Economics Institute)

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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File URL: http://128.118.178.162/eps/mac/papers/9907/9907005.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 9907005.

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Length: 37 pages
Date of creation: 08 Jul 1999
Date of revision:
Handle: RePEc:wpa:wuwpma:9907005

Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 37; figures: included
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Web page: http://128.118.178.162

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  1. 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.
  2. Robert Heilbroner, 1993. "Was Schumpeter Right after All?," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 87-96, Summer.
  3. 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.
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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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