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

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  • 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
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    References listed on IDEAS

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    1. Joan Robinson, 1962. "Essays in the Theory of Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-00626-7, December.
    2. 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.
    3. 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.
    4. Giovanni Dosi, 1984. "Technical Change and Industrial Transformation," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-17521-5, December.
    5. 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.
    6. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-1255, December.
    7. R. L. Hall & C. J. Hitch, 1939. "Price Theory And Business Behaviour," Oxford Economic Papers, Oxford University Press, vol. 0(1), pages 12-45.
    8. Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72(6), pages 584-584.
    9. 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.
    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)

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    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.

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    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

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