Post-Keynesian Macrodynamics and Path-Dependent Growth

Mark Setterfield

No 1009, Working Papers from Trinity College, Department of Economics

Abstract: This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrodynamics. A synthetic Post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path dependent in the Post-Keynesian tradition. Recent developments in neoclassical endogenous growth theory are then discussed, with a view to highlighting the sense in which these developments encroach on the Post-Keynesian treatment of growth as demand-led and path-dependent. Finally, the paper reflects on the pros and cons of these neoclassical developments for the future of Post-Keynesian macrodynamics.

Keywords: Post-Keynesian growth theory; neoclassical growth theory; endogenous growth; path dependence (search for similar items in EconPapers)
JEL-codes: E12 E13 O41 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2010-10
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http://www3.trincoll.edu/repec/WorkingPapers2010/wp10-09.pdf First version, 2010 (application/pdf)

Related works:
Journal Article: Post-Keynesian macrodynamics and path-dependent growth (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:tri:wpaper:1009

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