Prototypes, reality and the growth of autonomous expenditures: a rejoinder

Marc Lavoie

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Abstract: I respond to Skott' (2016) main comments on Lavoie (2016), which are: first, when calibrating with plausible parameter values, the stabilizing mechanism is unlikely to operate; second, in the analysis of the simple model, I have omitted the second stationary solution; third, he implies that the constraints that need to be imposed on my simple and complex models are in contradiction with each other. I argue that Skott confutes prototypes and reality; that the second stationary solution is of little interest; and that the constraints that need to be imposed on the simple and complex variants of the model are not in contradiction with each other.

Keywords: neo-Kaleckian; capacity utilization; autonomous consumption; growth (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (13)

Published in Metroeconomica, 2017

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01435724

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