Post-Keynesian macrodynamics and path-dependent growth

Mark Setterfield

European Journal of Economics and Economic Policies: Intervention, 2011, vol. 8, issue 2, 299-316

Abstract: This paper discusses the treatment of growth as a path-dependent process in post-Keynesian macrodynamics. A synthetic post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path-dependent in the post-Keynesian tradition. Recent developments in neoclassical endogenous growth theory are then discussed, with a view to highlighting the sense in which these developments encroach on the post-Keynesian treatment of growth as demand-led and path-dependent. Finally, the paper reflects on the pros and cons of these neoclassical developments for the future of post-Keynesian macrodynamics.

Keywords: post-Keynesian growth theory; neoclassical growth theory; endogenous growth; path dependence (search for similar items in EconPapers)
JEL-codes: E12 E13 O41 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (7)

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Related works:
Working Paper: Post-Keynesian Macrodynamics and Path-Dependent Growth (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:8:y:2011:i:2:p299-316

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