Introduction to The Supermultiplier: A Cornerstone of the New Macroeconomics

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Chapter 1 in The Supermultiplier, 2023, pp 1-5 from Edward Elgar Publishing

Abstract: Market economies show a history of growth and crises. We pretend to build a model that explains the tendency toward equilibrium, and the recurrent crises. The theoretical tripod on which the book is built combines (1) The classical theory of production, distribution and value, updated by Sraffa and Leontief. (2) The Keynesian-Kaleckian principle of effective demand and the multiplier, plus the endogenous theory of money. (3) The Schumpeterian emphasis on the stability granted by institutions and the dynamics injected by innovative entrepreneurs. The Kernel of the book is the supermultiplier that combines objective and subjective elements. The drivers of the economy appear in the “multiplicand”, i.e., the vector of proper autonomous demand. The key element is the expected growth of permanent de-mand. From the production of these goods derive induced consumption and induced investment. They appear in the denominator of the supermultiplier.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2023
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