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A Growth Model Prototype

In: Monetary Economics

Author

Listed:
  • Wynne Godley
  • Marc Lavoie

Abstract

This is by far the most ambitious chapter of the book. It sets out a rigorous basis for the integration of Keynesian-Kaleckian macroeconomics (with constant or increasing returns to labour, growth, mark-up pricing, etc.) with a model of the financial system comprising banks, loans, credit money and equities, together with a model of inflation. Central contentions of the chapter are that, with trivial exceptions, there are no equilibria outside financial markets and that the role of prices is to distribute the national income, with inflation sometimes playing a key role determining the outcome.

Suggested Citation

  • Wynne Godley & Marc Lavoie, 2007. "A Growth Model Prototype," Palgrave Macmillan Books, in: Monetary Economics, chapter 11, pages 378-444, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62654-6_11
    DOI: 10.1057/9780230626546_11
    as

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