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Normal Paths of Growth Shaped by the Supermultiplier

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

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  • Óscar Dejuán

Abstract

The Keynesian principle of effective demand states that the equilibrium level of output in a given period is a multiple of the expected autonomous demand (Kalecki, 1971; Keynes, 1936). Can we extrapolate this principle to a long-run dynamic analysis and conclude that the rate of growth of output will eventually depend on the expected rate of growth of autonomous demand? A positive answer would be a significant step towards a long-period theory of output which, according to Eatwell and Milgate, provides the most solid ground for demand-led growth (Milgate, 1982; Eatwell, 1983; Eatwell and Milgate, 1983; Eatwell, 2012).

Suggested Citation

  • Óscar Dejuán, 2013. "Normal Paths of Growth Shaped by the Supermultiplier," Palgrave Macmillan Books, in: Enrico Sergio Levrero & Antonella Palumbo & Antonella Stirati (ed.), Sraffa and the Reconstruction of Economic Theory: Volume Two, chapter 6, pages 139-157, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31916-6_7
    DOI: 10.1057/9781137319166_7
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