Summary:
New paper by Lance Taylor, Duncan Foley and Armon Rezai. From the abstract: "A demand-driven alternative to the conventional Solow-Swan growth model is analyzed. Its medium run is built around Marx-Goodwin cycles of demand and distribution. Long-run income and wealth distributions follow rules of accumulation stated by Pasinetti in combination with a technical progress function for labor productivity growth incorporating a Kaldor effect and induced innovation. An explicit steady state solution is presented along with analysis of dynamics. When wage income of capitalist households is introduced, the Samuelson-Modigliani steady state “dual” to Pasinetti’s cannot be stable. Numerical simulation loosely based on US data suggests that the long-run growth rate is around two percent per
Topics:
Matias Vernengo considers the following as important: Demand-led Growth, Foley, Lance Taylor
This could be interesting, too:
New paper by Lance Taylor, Duncan Foley and Armon Rezai. From the abstract: "A demand-driven alternative to the conventional Solow-Swan growth model is analyzed. Its medium run is built around Marx-Goodwin cycles of demand and distribution. Long-run income and wealth distributions follow rules of accumulation stated by Pasinetti in combination with a technical progress function for labor productivity growth incorporating a Kaldor effect and induced innovation. An explicit steady state solution is presented along with analysis of dynamics. When wage income of capitalist households is introduced, the Samuelson-Modigliani steady state “dual” to Pasinetti’s cannot be stable. Numerical simulation loosely based on US data suggests that the long-run growth rate is around two percent per
Topics:
Matias Vernengo considers the following as important: Demand-led Growth, Foley, Lance Taylor
This could be interesting, too:
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Matias Vernengo writes Servaas Storm on Lance Taylor
New paper by Lance Taylor, Duncan Foley and Armon Rezai. From the abstract:
Read full paper here.