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Inconsistencies in the note of Dávila‐Fernández, Oreiro and Punzo

Marc Lavoie

Metroeconomica, 2019, vol. 70, issue 2, 320-324

Abstract: This rejoinder is a rebuttal of the claims made by Dávila‐Fernández, Oreiro, and Punzo (in press) in their comment on Lavoie (). All three points that they make are mistaken: I did not pretend that the introduction of autonomous noncapacity expenditures would on its own allow the neo‐Kaleckian growth model to converge toward the normal rate of capacity utilization; the ‘Keynesian’ message is not eliminated when investment expenditures are essentially induced in a neo‐Kaleckian model; and the equations that they provide to endogenize the normal rate of capacity utilization are meaningless.

Date: 2019
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