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On Multi-Sector and Multi-Technique Models, Production Functions and Goodwin Cycles: A Reply to Libman

Robert Blecker () and Mark Setterfield ()

No 2011, Working Papers from New School for Social Research, Department of Economics

Abstract: Emiliano Libman's constructive comments on our recent book, Heterodox Macroeconomics: Models of Demand, Distribution and Growth (HM), raise three main points of contention: the suitability of single-sector/single-technique (as opposed to multi-sector/multi-technique) models; the appropriate choice of production function; and the distinction between limit cycles and closed orbits as representations of Goodwinian dynamics. In this reply, we respond to Libman's critique in a manner that is designed to develop his arguments into a useful addendum to our book. In so doing, we hope that this exchange will engage interested students and other readers in issues and avenues of inquiry that lie beyond some of the first-pass simpli cations in HM.

Keywords: Choice of technique; production functions; Goodwin cycles; multi-sectoral models; technological change; factor substitution (search for similar items in EconPapers)
JEL-codes: B51 D24 E11 E12 O33 O41 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2020-09
New Economics Papers: this item is included in nep-hme, nep-mac and nep-pke
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http://www.economicpolicyresearch.org/econ/2020/NSSR_WP_112020.pdf First version, 2020 (application/pdf)

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