Rethinking economic growth

Angel Asensio

Chapter 7 in A Modern Guide to Rethinking Economics, 2017, pp 129-150 from Edward Elgar Publishing

Abstract: As Keynes pointed out, economic decisions and activity under uncertainty do not tend automatically to full capacity utilization. Firms in general cannot but adapt their output to expected demand. This chapter invites us to rethink economic growth as the result of the factors that make the firms more or less optimistic regarding future aggregate demand. This is because expected demand is the driving force of output, time after time, and commands innovation and capital accumulation that, in the long run, allow for higher output in spite of the demographic constraint.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2017
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