A Simple Post Keynesian Model Of Investor Myopia And Economic Growth
The paper contains attempt to develop investor myopia theory of economic growth. Investor myopia takes place when agents do not take long-term outcomes of their activity into account. This phenomenon, can, of course, lead to underinvestment. The outcome is negative rates of economic growth. Such negative growth, as it known, had hit Russia, Ukraine and some other transitional economies in the 1990s. Investor myopia can be treated as the long-run phenomenon which is concerned with serious defects of institutional environment. The main practical conclusion is that the State is responsible for overcoming of investor myopia. This phenomenon can be considered as the key to many fundamental economic problems of developing and transitional economies.
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- Thomas I. Palley, 1996. "Growth Theory in a Keynesian Mode: Some Keynesian Foundations for New Endogenous Growth Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(1), pages 113-135, October.
- I. Rozmainsky., 2011. "Why Does Health Capital Increase in the Developed Countries and Decrease in Post-Soviet Russia?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 10.
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