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Revisiting (and Connecting) Marglin-Bhaduri and Minsky--An SFC Look at Financialization and Profit-led Growth


  • Claudio H. Dos Santos
  • Antonio Carlos Macedo e Silva


Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that (1) this strategy is potentially misleading; (2) that the stock-flow consistent (SFC) approach, while providing a general framework that may facilitate the dialogue among those currents, is particularly well suited to all those who think that macroeconomic models may illuminate historical quests; and (3) that the main intuitions may be conveyed through the "benchmark" Post Keynesian SFC model presented by Dos Santos and Zezza (2008), dispensing with the complex computer simulations that are normally employed by SFC authors.

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  • Claudio H. Dos Santos & Antonio Carlos Macedo e Silva, 2009. "Revisiting (and Connecting) Marglin-Bhaduri and Minsky--An SFC Look at Financialization and Profit-led Growth," Economics Working Paper Archive wp_567, Levy Economics Institute.
  • Handle: RePEc:lev:wrkpap:wp_567

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    1. Rebecca M. Blank, 1991. "Why Were Poverty Rates So High in the 1980s?," NBER Working Papers 3878, National Bureau of Economic Research, Inc.
    2. Easterlin, Richard A & Macdonald, Christine & Macunovich, Diane J, 1990. "How Have American Baby Boomers Fared? Earnings and Economic Well-Being of Young Adults, 1964-1987," Journal of Population Economics, Springer;European Society for Population Economics, vol. 3(4), pages 277-290, December.
    3. Susan E. Mayer & Christopher Jencks, 1989. "Poverty and the Distribution of Material Hardship," Journal of Human Resources, University of Wisconsin Press, vol. 24(1), pages 88-114.
    4. Katharine L. Bradbury, 1986. "The shrinking middle class," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 41-55.
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    Cited by:

    1. Michalis Nikiforos & Gennaro Zezza, 2017. "Stock-flow Consistent Macroeconomic Models: A Survey," Economics Working Paper Archive wp_891, Levy Economics Institute.

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