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Post-Keynesian Growth Theory
Selected Essays
9781802206944 Edward Elgar Publishing
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.
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Critical Acclaim
Contents
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Post-Keynesian Growth Theory is the second volume of Marc Lavoie''s Selected Essays, and is a collection of 18 articles published between 1995 and 2020, on themes touching growth and distribution. The book contains an extended foreword by Eckhard Hein, and an introduction by Lavoie that recalls how he became attracted to post-Keynesian growth theory more than 45 years ago, and explains how and why this book came about.
The collection includes a number of papers showing Lavoie''s evolving approach to neo-Kaleckian models of growth and distribution, incorporating hysteresis, overhead labour, monetary issues, price inflation, as well as various sources of autonomous non-capacity creating expenditures. It shows how all of these interact with alternative Marxian or Sraffian approaches as well.
A section of the book is also devoted to two-sector models, in particular the issue of the traverse from one equilibrium to another, extending the Kaleckian model but also providing insights into the works of Hicks and Pasinetti.
Both professors and graduate students will benefit from the decades of experience and wisdom amassed and presented in Post-Keynesian Growth Theory.
The collection includes a number of papers showing Lavoie''s evolving approach to neo-Kaleckian models of growth and distribution, incorporating hysteresis, overhead labour, monetary issues, price inflation, as well as various sources of autonomous non-capacity creating expenditures. It shows how all of these interact with alternative Marxian or Sraffian approaches as well.
A section of the book is also devoted to two-sector models, in particular the issue of the traverse from one equilibrium to another, extending the Kaleckian model but also providing insights into the works of Hicks and Pasinetti.
Both professors and graduate students will benefit from the decades of experience and wisdom amassed and presented in Post-Keynesian Growth Theory.
Critical Acclaim
‘The essays in this book show the promises, fruits and avenues for future research in post-Keynesian growth theory. Far from an exhausted paradigm, this book shows that PKE has maintained its vitality and relevance in advancing support for a demand-led view of long-run economic growth. Professors and students will benefit from the many insights and remarks of this book, as a whole or in specific chapters, as a guide for approaching the dynamics of modern economies.’
– Pablo G. Bortz, Review of Political Economy
‘Post-Keynesian Growth Theory by Marc Lavoie is a fascinating collection of essays showing us how a leading post-Keynesian economist got involved in working on growth and distribution. It is an essential volume for researchers and students alike to explore the key contributions in post-Keynesian theories of growth and distribution in historical context as the controversies and debates evolve.’
– Ozlem Onaran, University of Greenwich, UK
‘Even before now it could easily have been said of Marc Lavoie that he had “written the book” on Post-Keynesian growth theory. And now he really has. This collection of essays displays remarkable breadth, rigour, and coherence, and is a must-read for any serious scholar in the field.’
– Mark Setterfield, New School For Social Research, US
– Pablo G. Bortz, Review of Political Economy
‘Post-Keynesian Growth Theory by Marc Lavoie is a fascinating collection of essays showing us how a leading post-Keynesian economist got involved in working on growth and distribution. It is an essential volume for researchers and students alike to explore the key contributions in post-Keynesian theories of growth and distribution in historical context as the controversies and debates evolve.’
– Ozlem Onaran, University of Greenwich, UK
‘Even before now it could easily have been said of Marc Lavoie that he had “written the book” on Post-Keynesian growth theory. And now he really has. This collection of essays displays remarkable breadth, rigour, and coherence, and is a must-read for any serious scholar in the field.’
– Mark Setterfield, New School For Social Research, US
Contents
Contents:
Foreword Eckhard Hein ix
Introduction Marc Lavoie xvii
PART I BASIC KALECKIAN MODELS OF GROWTH AND DISTRIBUTION
1 ‘The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and
Neo-Marxian Critiques’, Cambridge Journal of Economics, 19 (6), December
1995, 789–818 2
2 ‘Traverse, Hysteresis, and Normal Rates of Capacity Utilization in Kaleckian
Models of Growth and Distribution’, Review of Radical Political Economics, 28
(4), 1996, 113–47 32
3 ‘Kaleckian Effective Demand and Sraffian Normal Prices: Towards a
Reconciliation’, Review of Political Economy, 15 (1), January 2003, 53–74 67
4 ‘Cadrisme within a Post-Keynesian Model of Growth and Distribution’, Review
of Political Economy, 21 (3), July 2009, 369–91 89
5 ‘The Origins and Evolution of the Debate on Wage-Led and Profit-Led Regimes’,
European Journal of Economics and Economic Policies: Intervention, 14 (2),
2017, 200–221. 112
6 ‘Interest Rates in Post-Keynesian Models of Growth and Distribution’,
Metroeconomica, 46 (2), June 1995, 146–77 134
7 ‘The Neo-Pasinetti Theorem in Cambridge and Kaleckian Models of Growth and
Distribution’, Eastern Economic Journal, 24 (4), Fall 1998, 419–36 166
8 ‘Capacity Utilization, Inflation, and Monetary Policy: The Duménil and Lévy
Macro Model and the New Keynesian Consensus’, with P. Kriesler, Review of
Radical Political Economics, 39 (4), Fall 2007, 586–98 184
PART II KALECKIAN MODELS WITH AUTONOMOUS NON-CAPACITY
CREATING EXPENDITURES
9 ‘Convergence Towards the Normal Rate of Capacity Utilization in Neo-Kaleckian
Models: The Role of Non-Capacity Creating Autonomous Expenditures’,
Metroeconomica, 67 (1), 2016, 172–201 198
10 ‘Long-Run Convergence in a Neo-Kaleckian Open-Economy Model with
Autonomous Export Growth’, with W.J. Nah, Journal of Post Keynesian
Economics, 40 (2), 2017, 223–38 228
11 ‘Convergence in a Neo-Kaleckian Model with Endogenous Technical Progress
and Autonomous Demand Growth’, with W.J. Nah, Review of Keynesian
Economics, 7 (3), September 2019, 275–91 244
12 ‘The Role of Autonomous Demand Growth in a Neo-Kaleckian Conflicting-
Claims Framework’, with W.J. Nah, Structural Change and Economic Dynamics,
51, December 2019, 427–44 261
13 ‘Overhead Labour Costs in a Neo-Kaleckian Growth Model with Autonomous
Non-Capacity Creating Expenditures’, with W.J. Nah, Review of Political
Economy, 32 (4), 2020, 511–37 279
14 ‘Trends and Business Cycles with External Markets: Non-Capacity Generating
Semi-Autonomous Expenditures and Effective Demand’, with B. Fiebiger,
Metroeconomica, 70 (2), May 2019, 247–62. 306
PART III TWO-SECTOR GROWTH MODELS
15 ‘The Hicksian Traverse as a Process of Reproportioning: Some Structural
Dynamics’, with J. Henry, Structural Change and Economic Dynamics, 8 (2),
June 1997, 157–75 323
16 ‘Pasinetti’s Vertically Hyper-Integrated Sectors and Natural Prices’, Cambridge
Journal of Economics, 21 (4), July 1997, 453–68 342
17 ‘Traverse in a Two-Sector Kaleckian Model of Growth with Target-Return
Pricing’, with P. Ramírez-Gastón, Manchester School of Economic and Social
Studies, 65 (2), March 1997, 145–69 357
18 ‘Demand-Led Growth and Long-Run Convergence in a Neo-Kaleckian Two-
Sector Model’, with J.H. Kim, Korean Economic Review, 33 (1), Summer 2017,
179–206 382
Index
Foreword Eckhard Hein ix
Introduction Marc Lavoie xvii
PART I BASIC KALECKIAN MODELS OF GROWTH AND DISTRIBUTION
1 ‘The Kaleckian Model of Growth and Distribution and its Neo-Ricardian and
Neo-Marxian Critiques’, Cambridge Journal of Economics, 19 (6), December
1995, 789–818 2
2 ‘Traverse, Hysteresis, and Normal Rates of Capacity Utilization in Kaleckian
Models of Growth and Distribution’, Review of Radical Political Economics, 28
(4), 1996, 113–47 32
3 ‘Kaleckian Effective Demand and Sraffian Normal Prices: Towards a
Reconciliation’, Review of Political Economy, 15 (1), January 2003, 53–74 67
4 ‘Cadrisme within a Post-Keynesian Model of Growth and Distribution’, Review
of Political Economy, 21 (3), July 2009, 369–91 89
5 ‘The Origins and Evolution of the Debate on Wage-Led and Profit-Led Regimes’,
European Journal of Economics and Economic Policies: Intervention, 14 (2),
2017, 200–221. 112
6 ‘Interest Rates in Post-Keynesian Models of Growth and Distribution’,
Metroeconomica, 46 (2), June 1995, 146–77 134
7 ‘The Neo-Pasinetti Theorem in Cambridge and Kaleckian Models of Growth and
Distribution’, Eastern Economic Journal, 24 (4), Fall 1998, 419–36 166
8 ‘Capacity Utilization, Inflation, and Monetary Policy: The Duménil and Lévy
Macro Model and the New Keynesian Consensus’, with P. Kriesler, Review of
Radical Political Economics, 39 (4), Fall 2007, 586–98 184
PART II KALECKIAN MODELS WITH AUTONOMOUS NON-CAPACITY
CREATING EXPENDITURES
9 ‘Convergence Towards the Normal Rate of Capacity Utilization in Neo-Kaleckian
Models: The Role of Non-Capacity Creating Autonomous Expenditures’,
Metroeconomica, 67 (1), 2016, 172–201 198
10 ‘Long-Run Convergence in a Neo-Kaleckian Open-Economy Model with
Autonomous Export Growth’, with W.J. Nah, Journal of Post Keynesian
Economics, 40 (2), 2017, 223–38 228
11 ‘Convergence in a Neo-Kaleckian Model with Endogenous Technical Progress
and Autonomous Demand Growth’, with W.J. Nah, Review of Keynesian
Economics, 7 (3), September 2019, 275–91 244
12 ‘The Role of Autonomous Demand Growth in a Neo-Kaleckian Conflicting-
Claims Framework’, with W.J. Nah, Structural Change and Economic Dynamics,
51, December 2019, 427–44 261
13 ‘Overhead Labour Costs in a Neo-Kaleckian Growth Model with Autonomous
Non-Capacity Creating Expenditures’, with W.J. Nah, Review of Political
Economy, 32 (4), 2020, 511–37 279
14 ‘Trends and Business Cycles with External Markets: Non-Capacity Generating
Semi-Autonomous Expenditures and Effective Demand’, with B. Fiebiger,
Metroeconomica, 70 (2), May 2019, 247–62. 306
PART III TWO-SECTOR GROWTH MODELS
15 ‘The Hicksian Traverse as a Process of Reproportioning: Some Structural
Dynamics’, with J. Henry, Structural Change and Economic Dynamics, 8 (2),
June 1997, 157–75 323
16 ‘Pasinetti’s Vertically Hyper-Integrated Sectors and Natural Prices’, Cambridge
Journal of Economics, 21 (4), July 1997, 453–68 342
17 ‘Traverse in a Two-Sector Kaleckian Model of Growth with Target-Return
Pricing’, with P. Ramírez-Gastón, Manchester School of Economic and Social
Studies, 65 (2), March 1997, 145–69 357
18 ‘Demand-Led Growth and Long-Run Convergence in a Neo-Kaleckian Two-
Sector Model’, with J.H. Kim, Korean Economic Review, 33 (1), Summer 2017,
179–206 382
Index