IDEAS home Printed from https://ideas.repec.org/a/spr/eaiere/v20y2023i2d10.1007_s40844-023-00269-5.html
   My bibliography  Save this article

Theoretical foundations of the international interdependence of growth regimes: price system, income–demand linkage, and quantity adjustment

Author

Listed:
  • Hiroyasu Uemura

    (Yokohama National University)

Abstract

This paper elucidates the theoretical foundations of the “growth regime” and its international interdependence, based on the results of recent research on the régulation theory and the post-Keynesian theory (Boyer, Economie politique des capitalismes: Théorie de la régulation et des crises. La Découverte, Paris, 2015; Lavoie, Post-Keynesian economics: new foundations, 2nd edn. Edward Elgar, Cheltenham, 2022). In so doing, the theoretical analyses of price determination and quantity adjustment are used as a fruitful contribution of current evolutionary and post-Keynesian economics. In particular, this pioneering analysis is based on the Shiozawa–Morioka–Taniguchi theory (SMT theory) (Shiozawa et al. Microfoundations of evolutionary economics. Springer, 2019). Furthermore, we also consider the dynamics of “growth regime,” paying attention to the macro linkages between income distribution and demand formation that M. Lavoie emphasizes (Lavoie, Post-Keynesian economics: New foundations, 2nd edn. Edward Elgar, Cheltenham, 2022). From this theoretical perspective, this paper attempts to theoretically examine the international Leontief-multiplier process and the international Keynes-multiplier process that mediate the international interdependence of “growth regimes,” while considering their dynamic processes with the time dimension. In this way, we aim to develop the theoretical foundations of the régulation theory and the post-Keynesian theory.

Suggested Citation

  • Hiroyasu Uemura, 2023. "Theoretical foundations of the international interdependence of growth regimes: price system, income–demand linkage, and quantity adjustment," Evolutionary and Institutional Economics Review, Springer, vol. 20(2), pages 425-455, September.
    • Handle: RePEc:spr:eaiere:v:20:y:2023:i:2:d:10.1007_s40844-023-00269-5
    DOI: 10.1007/s40844-023-00269-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s40844-023-00269-5
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s40844-023-00269-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Richard Baldwin & Javier Lopez-Gonzalez, 2015. "Supply-chain Trade: A Portrait of Global Patterns and Several Testable Hypotheses," The World Economy, Wiley Blackwell, vol. 38(11), pages 1682-1721, November.
    2. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-1255, December.
    3. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7, August.
    4. R. L. Hall & C. J. Hitch, 1939. "Price Theory And Business Behaviour," Oxford Economic Papers, Oxford University Press, vol. 0(1), pages 12-45.
    5. Cardinale, Ivano & Landesmann, Michael, 2022. "Generalising the political economy of structural change: A Structural Political Economy approach," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 546-558.
    6. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72(6), pages 584-584.
    7. Landesmann, Michael A, 2022. "Luigi Pasinetti on growth and structural change in international economic relations," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 556-564.
    8. Giovanni Dosi, 1984. "Technical Change and Industrial Transformation: The Patterns of Industrial Dynamics," Palgrave Macmillan Books, in: Technical Change and Industrial Transformation, chapter 3, pages 86-217, Palgrave Macmillan.
    9. Giovanni Dosi, 1984. "Technical Change and Industrial Transformation," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-17521-5, August.
    10. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kazuhiro Kurose & Hiroshi Nishi, 2023. "Special issue: microfoundation of evolutionary economics and its application," Evolutionary and Institutional Economics Review, Springer, vol. 20(2), pages 321-328, September.
    2. Kazuhiro Kurose & Hiroshi Nishi, 2024. "Special issue: microfoundation of evolutionary economics and its application: part 2," Evolutionary and Institutional Economics Review, Springer, vol. 21(2), pages 301-303, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Robert A. Blecker, 2009. "Long-Run Growth in Open Economies: Export-Led Cumulative Causation or a Balance-of-Payments Constraint?," Working Papers 2009-23, American University, Department of Economics.
    2. Gilberto Tadeu Lima, 2000. "Market concentration and technological innovation in a dynamic model of growth and distribution," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 53(215), pages 447-475.
    3. Vilhelmina V. Glazunova & Oleg S. Sukharev, 2024. "Models of technological development: The influence of investment structure," Journal of New Economy, Ural State University of Economics, vol. 25(4), pages 6-23, December.
    4. 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.
    5. Hiro Izushi & Yuko Aoyama, 2006. "Industry Evolution and Cross-Sectoral Skill Transfers: A Comparative Analysis of the Video Game Industry in Japan, the United States, and the United Kingdom," Environment and Planning A, , vol. 38(10), pages 1843-1861, October.
    6. Bassi, Federico & Bauermann, Tom & Lang, Dany & Setterfield, Mark, 2022. "Is capacity utilization variable in the long run? An agent-based sectoral approach to modeling hysteresis in the normal rate of capacity utilization," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 196-212.
    7. Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.
    8. Mark Setterfield, 2019. "Long-run variation in capacity utilization in the presence of a fixed normal rate," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(2), pages 443-463.
    9. Maciej Grodzicki, 2018. "Prices of Value Added and Competitiveness in Global Value Chains," SPRU Working Paper Series 2018-14, SPRU - Science Policy Research Unit, University of Sussex Business School.
    10. repec:bap:eebook:02 is not listed on IDEAS
    11. Jaylson Jair da Silveira & Gilberto Tadeu Lima, 2016. "Effort Elicitation, Wage Differentials and Income Distribution in A Wage-Led Growth Regime," Metroeconomica, Wiley Blackwell, vol. 67(1), pages 44-75, February.
    12. Lucas, Gustavo Daou, 2021. "The (dampened) wage-price spiral: Conflict, endogenous markup and inflation," Structural Change and Economic Dynamics, Elsevier, vol. 59(C), pages 558-566.
    13. Oleg S. Sukharev, 2022. "Industrial growth and technological prospects," Journal of New Economy, Ural State University of Economics, vol. 23(1), pages 6-23, April.
    14. Françoise Drumetz & Hélène Erkel-Rousse & Pierre Jaillard, 1993. "La convergence régionale et l'UEM," Économie et Statistique, Programme National Persée, vol. 262(1), pages 135-147.
    15. George Chorafakis, 2013. "The Knowledge Plexus," Vernon Press Titles in Economics, Vernon Art and Science Inc, edition 1, number 23, March.
    16. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    17. George Chorafakis, 2013. "The Knowledge Plexus [Paperback edition]," Vernon Press Titles in Economics, Vernon Art and Science Inc, edition 1, number 2.
    18. Stephen J Appold, 2000. "The Control of High-Skill Labor and Entrepreneurship in the Early US Semiconductor Industry," Environment and Planning A, , vol. 32(12), pages 2133-2160, December.
    19. Amitava Krishna Dutt, 2006. "Aggregate Demand, Aggregate Supply and Economic Growth," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 319-336.
    20. Malcolm Sawyer, 2020. "The past, present and future of evolutionary macroeconomics," Review of Evolutionary Political Economy, Springer, vol. 1(1), pages 37-54, May.
    21. Michaelis Nikiforos, 2018. "Distribution-led growth through methodological lenses," FMM Working Paper 24-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

    More about this item

    Keywords

    International interdependence of growth regimes; Price system; Quantity adjustment; International input–output analysis; International Leontief-multiplier process; International Keynes-multiplier process;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:eaiere:v:20:y:2023:i:2:d:10.1007_s40844-023-00269-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.