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Kaldor and Robinson on money and growth

  • Matias Vernengo
  • Louis-Philippe Rochon

Post-Keynesian theory was developed as an alternative to mainstream neoclassical economics. However, post-Keynesians have not succeeded in getting their message through, partly because of the difficult and controversial economic issues upon which they embarked, partly because they emphasized, both in their monetary and growth analysis, theories that do not radically depart from the mainstream of economics. This paper therefore argues that post-Keynesian economics got off on the wrong foot. Rather than having emphasized the works of Minsky and (the early) Kaldor in money, post-Keynesians should have considered the contributions of Robinson and Kahn. Also, rather than having emphasized the work of Robinson and Harrod on growth, they ought to have given greater emphasis to Kaldor's demand-oriented growth theory. Hence, as a simplification, post-Keynesians should have considered Robinson on money, not Kaldor; and Kaldor on growth, not Robinson.

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Article provided by Taylor & Francis Journals in its journal The European Journal of the History of Economic Thought.

Volume (Year): 8 (2001)
Issue (Month): 1 ()
Pages: 75-103

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Handle: RePEc:taf:eujhet:v:8:y:2001:i:1:p:75-103
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  1. Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 67-90.
  2. Hewitson, Gillian, 1995. " Post-Keynesian Monetary Theory: Some Issues," Journal of Economic Surveys, Wiley Blackwell, vol. 9(3), pages 285-310.
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  12. Dardi, Marco, 1994. "Kahn's Theory of Liquidity Preference and Monetary Policy," Cambridge Journal of Economics, Oxford University Press, vol. 18(1), pages 91-106, February.
  13. Howes, Candace, 1995. "Long Term Economic Strategy and Employment Growth in the U.S.: An Analysis of Clinton's Economic Policies," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 1-31.
  14. Dixon, R & Thirlwall, A P, 1975. "A Model of Regional Growth-Rate Differences on Kaldorian Lines," Oxford Economic Papers, Oxford University Press, vol. 27(2), pages 201-14, July.
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