Keynes after Sraffa and Kaldor: Effective demand, accumulation and productivity growth

Alcino F. Camara-Neto and Matías Vernengo
Authors registered in the RePEc Author Service: Matías Vernengo

Working Paper Series, Department of Economics, University of Utah from University of Utah, Department of Economics

Abstract: This paper analyzes to what extent John Maynard Keynes was successful in showing that the economic system tends to fluctuate around a position of equilibrium below full employment in the long run. It is argued that a successful extension of Keyness principle of effective demand to the long run requires the understanding of the contributions by Piero Sraffa and Nicholas Kaldor. Sraffa provides the basis for the proper dismissal of the natural rate of interest, while the incorporation by Kaldor of the supermultiplier and Verdoorns Law allows for a theory of the rate of change of the capacity limit of the economy.

Keywords: History of Macroeconomic Thought; Macroeconomic Models (search for similar items in EconPapers)
JEL-codes: B24 E10 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2010
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://economics.utah.edu/research/publications/2010_07.pdf (application/pdf)

Related works:
Chapter: Keynes after Sraffa and Kaldor: Effective Demand, Accumulation and Productivity Growth (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:uta:papers:2010_07

Access Statistics for this paper

More papers in Working Paper Series, Department of Economics, University of Utah from University of Utah, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by ().