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Demand Policies For Long-Run Growth: Being Keynesian Both In The Short And In The Long Run?

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  • Marco Missaglia

Abstract

The idea of demand-led growth is defended by neo-Kaleckians and neo-Keynesians using very specific assumptions. In their models the paradox of costs is always valid in the long run. The central message of this paper is that these specific and strong assumptions are not needed to defend the Kaleckian perspective of a demand-driven long-run growth. What is needed is simply a less demanding theory of flexible mark-ups in an open economy. The formal model developed in this paper shows that long-run growth may be demand driven even when the paradox of costs does not hold in the long run. Copyright © 2007 The Author; Journal compilation © 2007 Blackwell Publishing Ltd.

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  • Marco Missaglia, 2007. "Demand Policies For Long-Run Growth: Being Keynesian Both In The Short And In The Long Run?," Metroeconomica, Wiley Blackwell, vol. 58(1), pages 74-94, February.
  • Handle: RePEc:bla:metroe:v:58:y:2007:i:1:p:74-94
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    References listed on IDEAS

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    1. Vladimir Gligorov, 2004. "Debt Sustainability and Growth in Croatia," wiiw Research Reports 306, The Vienna Institute for International Economic Studies, wiiw.
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    Cited by:

    1. Rudiger von Arnim & Daniele Tavani & Laura Barbosa de Carvalho, 2012. "Globalization as coordination failure: A Keynesian perspective," Working Papers 1202, New School for Social Research, Department of Economics.
    2. Leonardo Vera, 2014. "The Simple Post-Keynesian Monetary Policy Model: An Open Economy Approach," Review of Political Economy, Taylor & Francis Journals, vol. 26(4), pages 526-548, October.
    3. Godin, Antoine, 2014. "Job Guarantee: a Structuralist Perspective," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 16.
    4. Hiroaki Sasaki & Ryunosuke Sonoda & Shinya Fujita, 2013. "International Competition and Distributive Class Conflict in an Open Economy Kaleckian Model," Metroeconomica, Wiley Blackwell, vol. 64(4), pages 683-715, November.
    5. Eckhard Hein & Marc Lavoie & Till van Treeck, 2011. "Some instability puzzles in Kaleckian models of growth and distribution: a critical survey," Cambridge Journal of Economics, Oxford University Press, vol. 35(3), pages 587-612.
    6. Olivier Allain, 2006. "La modération salariale : le point de vue des (néo-)kaleckiens," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196500, HAL.

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