A Future for Growth?

Gerald Friedman

Review of Radical Political Economics, 2017, vol. 49, issue 4, 652-662

Abstract: Macroeconomics has been constrained by assumptions that the economy tends toward full employment, and longterm growth depends on exogenous factors, productivity, and labor force growth. This discounts effects of demand on the labor force participation and immigration, and on investment and productivity growth. Expansionary fiscal policy and greater effective demand could induce reverse (or benevolent) hysteresis where capacity grows faster with higher employment, investment, and productivity.

Keywords: macroeconomics; production; Keynesian economics (search for similar items in EconPapers)
JEL-codes: B22 D24 E00 E12 E24 E32 E60 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:49:y:2017:i:4:p:652-662

DOI: 10.1177/0486613417717496

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