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The Irreversibility of Consumption as a Source of Endogenous Demand-driven Economic Growth

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  • Attilio Trezzini

Abstract

In advanced capitalist economies, the asymmetry of aggregate consumption, which decreases to a lesser extent during recessions than it increases during expansions, implies an endogenous source of growth and accumulation. This thesis, put forward in a previous paper co-authored with Pierangelo Garegnani, is here scrutinized in detail and developed in terms of more general assumptions. The connection with similar assumptions on consumption to be found in the literature is also examined and some implications of the hypothesis are drawn regarding the significance of the savings rate.

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  • Attilio Trezzini, 2011. "The Irreversibility of Consumption as a Source of Endogenous Demand-driven Economic Growth," Review of Political Economy, Taylor & Francis Journals, vol. 23(4), pages 537-556, October.
    • Handle: RePEc:taf:revpoe:v:23:y:2011:i:4:p:537-556
    DOI: 10.1080/09538259.2011.611621
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    References listed on IDEAS

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    1. Thorstein Veblen, 1899. "Mr. Cummings's Strictures on "The Theory of the Leisure Class"," Journal of Political Economy, University of Chicago Press, vol. 8(1), pages 106-106.
    2. Davide Gualerzi, 2001. "Consumption and Growth," Books, Edward Elgar Publishing, number 2433.
    3. Veblen, Thorstein, 1899. "The Theory of the Leisure Class," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1899.
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    Cited by:

    1. Attilio Trezzini, 2017. "The Social Significance of Consumption and the Elasticity of Output to Demand in the Long Run: A Reply to Gualerzi," Review of Political Economy, Taylor & Francis Journals, vol. 29(1), pages 157-161, January.
    2. Trezzini, Attilio, 2017. "Harrodian Instability: a Misleading Concept," Centro Sraffa Working Papers CSWP24, Centro di Ricerche e Documentazione "Piero Sraffa".
    3. Brochier, Lidia & Macedo e Silva, Antonio Carlos, 2017. "The Macroeconomic Implications of Consumption: State-of-Art and Prospects for the Heterodox Future Research," MPRA Paper 92672, University Library of Munich, Germany.
    4. Claudio Cantaro, 2022. "L'approccio classico-keynesiano e la teoria del ruolo sociale del consumo (The classical-Keynesian approach and the Theory of the Social Role of Consumption)," Moneta e Credito, Economia civile, vol. 75(299), pages 285-306.

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