 The relation between Keynesian monetary theory and demand-led growth: a Sraffian explorationSergio Cesaratto () and Riccardo Pariboni Review of Keynesian Economics, 2022, vol. 10, issue 3, 291-315 Abstract: This article integrates the Sraffian approach to demand-led growth theory with insights from Keynes’s concept of finance and from the monetary circuit approach. The paper’s first contribution is the extension of Garegnani’s interpretation of Keynes’s General Theory’s originality and limitations to Keynes’s 1937–1938 papers on ‘finance.’ In both cases, it is a question of freeing Keynes from the ties of Marginalist theory. Second, the paper identifies a complementarity between the Keynesian concept of finance, some insights from the monetary circuit, and the role attributed by the Sraffian take of demand-led growth to the autonomous components of demand, which are also Kalecki’s external markets. Finally, the authors propose a subsidiary role for the liquidity-preference theory in the context of the determination of the structure of interest rates, given the short-term base rate set by monetary authorities. Keywords: Keynes; finance; monetary circuit; effective demand; supermultiplier (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:rokejn:v:10:y:2022:i:3:p291-315 Access Statistics for this article Review of Keynesian Economics is currently edited by Thomas Palley, MatÃas Vernengo and Esteban Pérez Caldentey More articles in Review of Keynesian Economics from Edward Elgar Publishing |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.