- [UNTITLED]
- [UNTITLED]
- Preface
- Contributors
- Introduction
- A Personal View of the Origin of Post-Keynesian Ideas in the History of Economics
- Sraffa, Keynes, and Post-Keynesianism
- Sraffa, Keynes, and Post-Keynesians Suggestions for a Synthesis in the Making
- On the Notion of Equilibrium or the Center of Gravitation in Economic Theory
- Keynesian Foundations of Post-Keynesian Economics
- Money
- Post-Keynesian Theories of Money and Credit Conflicts and (some) Resolutions
- The Scientific Illusion of New Keynesian Monetary Theory
- Single-Period Analysis and Continuation Analysis of Endogenous Money A Revisitation of the Debate between Horizontalists and Structuralists
- Post-Keynesian Monetary Economics, Godley-Like
- Hyman Minsky and the Financial Instability Hypothesis
- Endogenous Growth A Kaldorian Approach
- Structural Economic Dynamics and the Cambridge Tradition
- The Cambridge Post-Keynesian School of Income and Wealth Distribution
- Reinventing Macroeconomics What are the Questions?
- Long-Run Growth in Open Economies Export-led Cumulative Causation or a Balance-of-payments Constraint?
- Postkeynesian Precepts for Nonlinear, Endogenous, Nonstochastic, Business Cycle Theories
- Post-Keynesian Approaches to Industrial Pricing A Survey and Critique
- Post-Keynesian Price Theory From Pricing to Market Governance to the Economy as a Whole
- Kaleckian Economics
- Wages Policy
- Discrimination in the Labor Market
- Post-Keynesian Perspectives on Economic Development and Growth
- Keynes and Economic Development
- Post-Keynesian Economics and the Role of Aggregate Demand in Less-Developed Countries
- Index
Abstract and Keywords
This chapter explores the Kaldorian approach to endogenous growth theory. The central principles of this approach are explored, including the claims that growth is (a) demand led, with trade playing a central role in aggregate demand formation; and (b) path dependent. It is shown that both the actual and natural rates of growth are path dependent in the Kaldorian tradition. The implications of inequality between the actual and natural rates of growth are investigated, and it is shown that mechanisms exist within the Kaldorian tradition that are capable of reconciling these growth rates. This results in the sustainability (in principle) of any particular equilibrium value of the actual rate of growth.
Keywords: endogenous growth, Kaldor, path dependence, demand-led growth, technical change, institutions, natural rate of growth
Mark Setterfield is the Maloney Family Distinguished Professor of Economics in the Department of Economics at Trinity College, Connecticut.
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- [UNTITLED]
- [UNTITLED]
- Preface
- Contributors
- Introduction
- A Personal View of the Origin of Post-Keynesian Ideas in the History of Economics
- Sraffa, Keynes, and Post-Keynesianism
- Sraffa, Keynes, and Post-Keynesians Suggestions for a Synthesis in the Making
- On the Notion of Equilibrium or the Center of Gravitation in Economic Theory
- Keynesian Foundations of Post-Keynesian Economics
- Money
- Post-Keynesian Theories of Money and Credit Conflicts and (some) Resolutions
- The Scientific Illusion of New Keynesian Monetary Theory
- Single-Period Analysis and Continuation Analysis of Endogenous Money A Revisitation of the Debate between Horizontalists and Structuralists
- Post-Keynesian Monetary Economics, Godley-Like
- Hyman Minsky and the Financial Instability Hypothesis
- Endogenous Growth A Kaldorian Approach
- Structural Economic Dynamics and the Cambridge Tradition
- The Cambridge Post-Keynesian School of Income and Wealth Distribution
- Reinventing Macroeconomics What are the Questions?
- Long-Run Growth in Open Economies Export-led Cumulative Causation or a Balance-of-payments Constraint?
- Postkeynesian Precepts for Nonlinear, Endogenous, Nonstochastic, Business Cycle Theories
- Post-Keynesian Approaches to Industrial Pricing A Survey and Critique
- Post-Keynesian Price Theory From Pricing to Market Governance to the Economy as a Whole
- Kaleckian Economics
- Wages Policy
- Discrimination in the Labor Market
- Post-Keynesian Perspectives on Economic Development and Growth
- Keynes and Economic Development
- Post-Keynesian Economics and the Role of Aggregate Demand in Less-Developed Countries
- Index
