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A Keynes + Schumpeter model to explain development, speculation and crises

Giancarlo Bertocco () and Andrea Kalajzić

No PKWP1916, Working Papers from Post Keynesian Economics Society (PKES)

Abstract: Recently, Dosi and his co-authors have developed a ‘Keynes+Schumpeter’ model which “endogenously generates self-sustained growth patterns together with persistent economic fluctuations ...”. The aim of this work is twofold. First, to show that the K+S model developed by Dosi and his co-authors does not allow to explain the instability that characterizes a capitalist economy. This limitation is due to the fact that the model overlooks some key elements of Schumpeter’s analysis. The second objective is to show that a solid K+S model can be built starting from the elements of Schumpeter’s theory neglected by Dosi and his co-authors.

Keywords: bank money; innovations; crisis (search for similar items in EconPapers)
JEL-codes: O11 O16 O42 (search for similar items in EconPapers)
Pages: 39
Date: 2019-07
New Economics Papers: this item is included in nep-fdg, nep-gro, nep-hme and nep-pke
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