Macrodynamics for a Better Society: The Economics of John Cornwall

Mark Setterfield and Anthony Thirlwall

Review of Political Economy, 2010, vol. 22, issue 4, 481-498

Abstract: John Cornwall devoted his career to advancing macroeconomics with a view to improving the societies in which we live. We identify three distinct phases in Cornwall's mature scholarship, and analyse the substance of each. The first and second phases, devoted to the analysis of growth and inflation, respectively, reveal the three main cornerstones of Cornwall's macrodynamics: the importance of demand (even in the long run), the importance of institutions, and the path-dependent nature of economic change. The third phase saw Cornwall building on these foundations to develop and refine an evolutionary-Keynesian model of long-run capitalist development.

Date: 2010
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DOI: 10.1080/09538259.2010.510312

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