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A Kaleckian growth model is modified to incorporate working households who borrow to finance some part of their consumption spending. The impact of this behavior on the sustainability of the growth process is then studied by means of a numerical analysis that captures various dimensions of increased income inequality in the US. The results show that the precise manner in which debtor households service their debts has important effects on the economy's macrodynamics.
Offering a unique picture of recent developments in a range of non-conventional theoretical approaches in economics, this book introduces readers to the study of Analytical Political Economy and the changes within the subject. Includes a wide range of topics and theoretical approaches that are critically and thoroughly reviewed Contributions within the book are written according to the highest standards of rigor and clarity that characterize academic work Provides comprehensive and well-organized surveys of cutting-edge empirical and theoretical work covering an exceptionally wide range of areas and fields Topics include macroeconomic theories of growth and distribution; agent-based and stock-flow consistent models; financialization and Marxian price and value theory Investigates exploitation theory; trade theory; the role of expectations and ‘animal spirits’ on macroeconomic performance as well as empirical research in Marxian economics
Post-Keynesian Growth Theory is a collection of 18 articles by Marc Lavoie, published between 1995 and 2020, with an extended foreword by Eckhard Hein. Marc Lavoie’s introduction recalls how he became attracted to the post-Keynesian theory of growth more than 45 years ago and explains how and why this book came about.
While the first conference (1993) focused on methodological issues, the 13 papers of the second are more concerned with developments in theory, empirical work, and policy questions as they seek to carry on the insights of economist John Maynard Keynes into and through the 1990s. Among the themes are the relationship between microeconomic and macroeconomic levels, uncertainty and its implications for individual behavior as it underpins macroeconomic behavior, and applying post- Keynesian theory to policy questions particularly in the international arena. The proceedings of the first conference were published under a separate title, and this series begins Volume One with the second conference. Annotation copyrighted by Book News, Inc., Portland, OR
15 Piero Sraffa: Production of Commodities by Means of Commodities -- 16 Gunnar Myrdal: Against the Stream -- ASPECTS OF MARXISM -- 17 Marxism: Religion and Science -- 18 An Open Letter from a Keynesian to a Marxist -- 19 The Organic Composition of Capital -- 20 The Labour Theory of Value -- 21 Marxism and Modern Economics
The debate about globalisation and its discontents
This volume examines the macrodynamic behaviour of advanced economies with social institutions similar to those of the United States and other members of the Organization of Economic Cooperation and Development. It is a critique of, and provides alternative models to, conventional neoclassical theory. The principles developed are used to explain two major phenomena in economic life: the nation's secular growth rate and the cyclical deviations around that growth. These interdependent movements of trend and cycle constitute the economy's macrodynamic behaviour. Eichner uses a systems framework for integrating four distinct institutional dimensions in society - the normative, the political, the economic, and the anthropogenic. This book, by one of the leading proponents of Post-Keynesian economics, is the culmination of over 13 years of scholarly work. The author's untimely death in February 1988 prevented the final revisions of his manuscript. The book should prove an essential addition to the library of scholars and students of economics both within and outside the Post-Keynesian tradition.
Industrial policy has long been regarded as a strategy to encourage sector-, industry-, or economy-wide development by the state. It has been central to competitiveness, catching up, and structural change in both advanced and developing countries. It has also been one of the most contested perspectives, reflecting ideologically inflected debates and shifts in prevailing ideas. There has lately been a renewed interest in industrial policy in academic circles and international policy dialogues, prompted by the weak outcomes of policies pursued by many developing countries under the direction of the Washington Consensus (and its descendants), the slow economic recovery of many advanced economies after the 2008 global financial crisis, and mounting anxieties about the national consequences of globalization. The Oxford Handbook of Industrial Policy presents a comprehensive review of and a novel approach to the conceptual and theoretical foundations of industrial policy. The Handbook also presents analytical perspectives on how industrial policy connects to broader issues of development strategy, macro-economic policies, infrastructure development, human capital, and political economy. By combining historical and theoretical perspectives, and integrating conceptual issues with empirical evidence drawn from advanced, emerging, and developing countries, The Handbook offers valuable lessons and policy insights to policymakers, practitioners and researchers on developing productive transformation, technological capabilities, and international competitiveness. It addresses pressing issues including climate change, the gendered dimensions of industrial policy, global governance, and technical change. Written by leading international thinkers on the subject, the volume pulls together different perspectives and schools of thought from neo-classical to structuralist development economists to discuss and highlight the adaptation of industrial policy in an ever-changing socio-economic and political landscape.