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The role of aggregate demand in classical-Marxian models of economic growth


  • Amitava Krishna Dutt


This paper argues that classical-Marxian models of economic growth are similar to neoclassical models in neglecting the role of aggregate demand, either by omitting aggregate demand issues altogether or by relegating the role of aggregate demand to the short run. By reviewing the writings of classical-Marxian authors and by examining recent contributions to the classical-Marxian literature, it discusses the implicit assumptions that allow these theories to neglect the role of aggregate demand by examining alternative growth theories in which aggregate demand has a major role to play. It also assesses to what extent classical-Marxian economists are justified in neglecting aggregate demand as a determinant of long-run growth. Copyright The Author 2010. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Amitava Krishna Dutt, 2011. "The role of aggregate demand in classical-Marxian models of economic growth," Cambridge Journal of Economics, Oxford University Press, vol. 35(2), pages 357-382.
  • Handle: RePEc:oup:cambje:v:35:y:2011:i:2:p:357-382

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    References listed on IDEAS

    1. Christopher Gerry & Carmen A. Li, 2004. "Revisiting Consumption Smoothing and the 1998 Russian Crisis," UCL SSEES Economics and Business working paper series 43, UCL School of Slavonic and East European Studies (SSEES).
    2. Mickiewicz, Tomasz & Gerry, Christopher J. & Bishop, Kate, 2005. "Privatisation, corporate control and employment growth: Evidence from a panel of large Polish firms, 1996-2002," Economic Systems, Elsevier, vol. 29(1), pages 98-119, March.
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    1. Unemployment and Productivity Growth
      by JW Mason in The Slack Wire on 2015-01-09 00:26:00


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    Cited by:

    1. Marc Lavoie, 2016. "Convergence Towards the Normal Rate of Capacity Utilization in Neo-Kaleckian Models: The Role of Non-Capacity Creating Autonomous Expenditures," Metroeconomica, Wiley Blackwell, vol. 67(1), pages 172-201, February.
    2. Franklin Serrano & Fabio Freitas, 2016. "The Sraffian Supermultiplier As An Alternative Closure To Heterodox Growth Theory," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 107, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Hanappi, Hardy, 2011. "Signs of reality - reality of signs. Explorations of a pending revolution in political economy," MPRA Paper 31570, University Library of Munich, Germany.

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