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The Meaning of Output Trends in the Analysis of Growth

In: Sraffa and the Reconstruction of Economic Theory: Volume Two

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  • Attilio Trezzini

Abstract

This chapter discusses the meaning of the output trends examined in the analysis of growth and their relation to actual levels of output and income. These issues are seldom explicitly examined in the literature, where the relation between actual and theoretical magnitudes assumed in the theory of prices appears to be automatically extended to the magnitudes addressed by theories of growth. In field of economic growth, however, the distinction between actual and theoretical magnitudes overlaps with the distinction between cyclical and trend positions of the economy. This gives rise to crucial misunderstandings, at least from the standpoint adopted here.

Suggested Citation

  • Attilio Trezzini, 2013. "The Meaning of Output Trends in the Analysis of Growth," Palgrave Macmillan Books, in: Enrico Sergio Levrero & Antonella Palumbo & Antonella Stirati (ed.), Sraffa and the Reconstruction of Economic Theory: Volume Two, chapter 3, pages 68-91, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31916-6_4
    DOI: 10.1057/9781137319166_4
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    Cited by:

    1. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    2. Attilio Trezzini, 2021. "Harrodian Instability: An Unhelpful Analytical Concept," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(2), pages 320-336, June.

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