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Post-Keynesian Macrodynamics and Path-Dependent Growth

Author

Listed:
  • Mark Setterfield

    (Department of Economics, Trinity College)

Abstract

This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrodynamics. A synthetic Post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path dependent in the Post-Keynesian tradition. Recent developments in neoclassical endogenous growth theory are then discussed, with a view to highlighting the sense in which these developments encroach on the Post-Keynesian treatment of growth as demand-led and path-dependent. Finally, the paper reflects on the pros and cons of these neoclassical developments for the future of Post-Keynesian macrodynamics.

Suggested Citation

  • Mark Setterfield, 2010. "Post-Keynesian Macrodynamics and Path-Dependent Growth," Working Papers 1009, Trinity College, Department of Economics.
    • Handle: RePEc:tri:wpaper:1009
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    File URL: http://www3.trincoll.edu/repec/WorkingPapers2010/wp10-09.pdf
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    Cited by:

    1. Naqvi, Asjad & Stockhammer, Engelbert, 2018. "Directed Technological Change in a Post-Keynesian Ecological Macromodel," Ecological Economics, Elsevier, vol. 154(C), pages 168-188.
    2. Mark Setterfield, 2023. "Will hysteresis effects afflict the US economy during the post-COVID recovery?," Working Papers 2306, New School for Social Research, Department of Economics.
    3. Mark Setterfield, 2023. "Post-Keynesian growth theory and the supply side: a feminist-structuralist approach," Working Papers 2302, New School for Social Research, Department of Economics.
    4. Steven M. Fazzari, 2024. "Supermultiplier Models, Demand Stagnation, and Monetary Policy: Inevitable March to the Lower Bound for Interest Rates?," FMM Working Paper 99-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.

    More about this item

    Keywords

    Post-Keynesian growth theory; neoclassical growth theory; endogenous growth; path dependence;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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