(1967), ‘Increasing Returns’, in R. Kuenne (ed. accumulation, the rate of profits and the degree of capital utilisation, the current rate of profits is relevant for investment decisions for two main, reasons. and M.N. Government intervention on growth, be it a change in taxation or in expenditure, through its. Kaldor’s writings also hint at the factors affecting the parameter, depends on the quotas and elasticities of the various components of domestic, consumption is influenced by productivity growth through the introduction. The classical economists … out an analytical model incorporating the external equilibrium condition. In the General Theory, Keynes (1936 p. 245) had taken ‘as given ... the existing quality and quantity of available equipment, [and] the existing technique’. Note that the assumption. To sum up, the balance-of-payments constraint approach provides some, important insights into the analysis of th, demand and growth. On the absence of an adjusting mechanism between, “equilibrium” utilisation degree does not coincide with its normal level, and hence, producers’ expectations are not being confirmed by experience … as the economy moves, away from the steady path, the model has nothing to say about the long-run tendencies of. Recently, however, Young (1989), and Besomi (1999) have reconsidered his writings, taking advantage of the, availability of his papers at the Chiba University of Commerce in Ichikawa, (Japan) and clarifying the extent to which some of his writings have been, misrepresented. Keynesian economics dominated economic theory and policy after World War II until the 1970s, when many advanced economies suffered both inflation and slow growth, a condition dubbed “stagflation.” Keynesian the-ory’s popularity waned then because it had no appropri-ate policy response for stagflation. and A.P. 263–4), equivalent to that developed by static theory when it is assumed that t, market price exceeds (is lower than) the equilibrium price and the, appearance in that market of an excess supply (an excess demand) tends to, restore equilibrium. equation (55), investment expenditure is driven by an accelerator, mechanism. first case, workers’ and firms’ claims over the shares of income (in real, growth are simultaneously determined. 39. Basing his work on the extensive empirical evidence showing, contribution to economic growth of the price term in (71) is likely, small. produced, such as their technical sophistication and quality (see Thirlwall, 1991, p. 28 and 1998, p. 187). The analysis presented, above, instead, clarifies how Government intervention can affect demand and, capital–output ratio. assuming absence of monetary influences and fixed technical coefficients. employment through reduction of the interest rate. and S.G. Winter (1977), ‘In Search of a Useful Theory of, Panico, C. (1992), ‘Un confronto tra i modelli macroeconomici finanziari di, Tobin e quelli di derivazione Kaldoriana’, in B. Jossa and A. Nardi, Panico, C. (1993), ‘Two Alternative Approaches to Financial Model, Panico, C. (1997), ‘Government Deficits in the Post Keynesian Theories of, Panico, C. (1999), ‘The Government Sector in the Post Keynesian Theory of. Government policies necessary to pursue stability and growth. They assume, moreover, oligopolistic markets and conflicting claims over, . To empirically estimate the influence of the composition of demand on productivity, Kaldor, (1966) also used an expression, which differs from our equation (4) only in introducing, as, an additional variable, the ratio of investment to output. The data imply that the immediate impact of more advertising on consumption is positive. From this analysis it follows that, along the equilibrium. Keynes‘ analysis to a long-period context. In, these Harrod focused on the theoretical basis for – and policy options related to –. In the history of economic thought, the only school to have emphasized the importance of foreign exchange and a strong balance of payments for economic growth were the Mercantilists. As the income elasticity of the, demand for manufactured goods, due to Engels’ Law, is higher than income, elasticity of the demand for primary goods, it would be, goods. This transforms equation, and subsequent transmission of exchange rate variations on, and the country is able to expand internal, a path of foreign debt unsustainable in the long, ratio may be significantly biased if they do not take into, As the analysis of the factors affecting the, A Theory of Wealth Distribution and Accumulation, Government Deficits (and Financial Activities), Macroeconomic Thought: A Methodological Approach, Growth, Distribution and Uneven Development, The Elgar Companion of Classical Economics, Sociology, Moral and Mistery: The Chichele Lectures, A Contribution to the Theory of the Trade Cycle, Causes of the Slow Rate of Growth of the United, Strategic Factors in Economic Development, Selected Essays in the Dynamics of the Capitalist, The Collected Writings of J.M.

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