Beyond Supply-Side Explanations: Italy’s Growth Trajectory in Post-Keynesian and CPE Frameworks

Federica Arena ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: Since the seminal work ofBaccaro and Pontusson(2016), the Comparative Political Econ- omy (CPE) literature has increasingly reintegrated aggregate demand as a central determinant of growth trajectories in advanced economies. This paper contributes to this burgeoning Growth Model (GM) research agenda by applying the Supermultiplier decomposition to analyze Italy’s economic growth from 1960 to 2022. Our approach provides a granular examination of the demand components driving growth, distinguishing between autonomous and induced expenditures, a critical separation often overlooked in traditional decompositions. By situating our empirical findings within the institutional and political context of each identified sub-period, we offer a comprehensive analysis that bridges post-Keynesian economic theory with the CPE focus on the "politics of growth".

Keywords: Italy’s Economic Growth; Demand-Led Growth; Post-Keynesian Economics; Comparative Political Economy (CPE); Growth Models. Jel Classification: E12; O52; B50; P16 (search for similar items in EconPapers)
Date: 2025-09
New Economics Papers: this item is included in nep-his and nep-pke
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