Neo-Kaleckian and Sraffian controversies on accumulation theory
With some exceptions, non-orthodox economists share the ‘Keynesian Hypothesis’ of the independence of investment from capacity-savings, in the long-run no less than the short-run. This hypothesis marks an essential point of difference from neo-classical theory. Keynes showed that within the limits of the existing capacity utilisation, it is investment that determines savings. The correct way to extend this conclusion to the long run is the object of the present paper. In particular, it provides an assessment of the controversy on demand-led growth theory that has taken place since the mid-1980s between neo-Kaleckian and Sraffian authors, particularly those closer to the late Piero Garegnani’s ‘surplus approach’. For the sake of the argument the Sraffian front is divided between a first and a second Sraffian position (the second defined as Sraffian supermultiplier approach). Although I argue that the second approach is the most promising, the dissention should not be over-emphasised, so will also often generically refer to Sraffian authors.
|Date of creation:||Aug 2012|
|Contact details of provider:|| Postal: Piazza S.Francesco,7 - 53100 Siena|
Web page: http://www.deps.unisi.it/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Anwar Shaikh, 2009. "Economic Policy In A Growth Context: A Classical Synthesis Of Keynes And Harrod," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 455-494, 07.
- Matthew Smith, 2012.
"Demand-led Growth Theory: A Historical Approach,"
Review of Political Economy,
Taylor & Francis Journals, vol. 24(4), pages 543-573, October.
- Sergio Cesaratto & Antonella Stirati, 2011.
"Germany and the European and Global Crises,"
Department of Economics University of Siena
607, Department of Economics, University of Siena.
- Alcino F. Camara-Neto and Matías Vernengo, 2010. "Keynes after Sraffa and Kaldor: Effective demand, accumulation and productivity growth," Working Paper Series, Department of Economics, University of Utah 2010_07, University of Utah, Department of Economics.
- Sergio Cesaratto, 2006. "A reply to Michl," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 985-987, November.
- Eckhard Hein & Marc Lavoie & Till van Treeck, 2008.
"Some instability puzzles in Kaleckian models of growth and distribution: A critical survey,"
IMK Working Paper
19-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Eckhard Hein & Marc Lavoie & Till van Treeck, 2011. "Some instability puzzles in Kaleckian models of growth and distribution: a critical survey," Cambridge Journal of Economics, Oxford University Press, vol. 35(3), pages 587-612.
- Marc Lavoie, 2003. "Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 53-74.
- L. Randall Wray, 2011.
The New Palgrave Dictionary of Economics,
- Eckhard Hein & Marc Lavoie & Till van Treeck, 2012. "Harrodian Instability And The ‘Normal Rate’ Of Capacity Utilization In Kaleckian Models Of Distribution And Growth—A Survey," Metroeconomica, Wiley Blackwell, vol. 63(1), pages 139-169, 02.
- Alcino F. Camara-Neto & MatÃas Vernengo, 2012. "Keynes after Sraffa and Kaldor: Effective Demand, Accumulation and Productivity Growth," Chapters, in: Keynesâ€™s General Theory, chapter 10 Edward Elgar Publishing.
- Garegnani, Pierangelo, 1978.
"Notes on Consumption, Investment and Effective Demand: I,"
Cambridge Journal of Economics,
Oxford University Press, vol. 2(4), pages 335-53, December.
- Garegnani, Pierangelo, 1979. "Notes on Consumption, Investment and Effective Demand: II," Cambridge Journal of Economics, Oxford University Press, vol. 3(1), pages 63-82, March.
- Gennaro Zezza, 2009.
"Fiscal Policy and the Economics of Financial Balances,"
Economics Working Paper Archive
wp_569, Levy Economics Institute.
- Gennaro Zezza, 2009. "Fiscal policy and the economics of financial balances," European Journal of Economics and Economic Policies: Intervention, , vol. 6(2), pages 289-310.
- Lavoie, Marc, 1995.
"The Kaleckian Model of Growth and Distribution and Its Neo-Ricardian and Neo-Marxian Critiques,"
Cambridge Journal of Economics,
Oxford University Press, vol. 19(6), pages 789-818, December.
- Lavoie, M., 1992. "The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and Neo-Marxian Critiques," Working Papers 9201e, University of Ottawa, Department of Economics.
- Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, vol. 14(4), pages 375-93, December.
- Pierangelo Garegnani & Attilio Trezzini, 2010. "Cycles and Growth: A Source of Demand-Driven Endogenous Growth," Review of Political Economy, Taylor & Francis Journals, vol. 22(1), pages 119-125.
- M. Ruth & K. Donaghy & P. Kirshen, 2006. "Introduction," Chapters, in: Regional Climate Change and Variability, chapter 1 Edward Elgar Publishing.
- Sergio Cesaratto & Franklin Serrano & Antonella Stirati, 2003. "Technical Change, Effective Demand and Employment," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 33-52.
- Trezzini, Attilio, 1995. "Capacity Utilisation in the Long Run and the Autonomous Components of Aggregate Demand," Contributions to Political Economy, Oxford University Press, vol. 14(0), pages 33-66.
- Cesaratto, Sergio, 1999. "Savings and Economic Growth in Neoclassical Theory," Cambridge Journal of Economics, Oxford University Press, vol. 23(6), pages 771-93, November.
- J. A. Kregel, 1980. "Economic Dynamics and the Theory of Steady Growth: An Historical Essay on Harrod's ‘Knife-edge'," History of Political Economy, Duke University Press, vol. 12(1), pages 97-123, Spring.
- Sergio Cesaratto, 2009. "Endogenous growth theory twenty years on: a critical assessment," Department of Economics University of Siena 559, Department of Economics, University of Siena.
- Antonella Palumbo & Attilio Trezzini, 2003. "Growth without normal capacity utilization," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 109-135.
When requesting a correction, please mention this item's handle: RePEc:usi:wpaper:650. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fabrizio Becatti)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.