Economic Theory

Conflict and Effective Demand in Economic Growth by Peter Skott

By Peter Skott

All capitalist economies adventure fluctuations in employment and monetary task round a protracted time period progress price. This ebook offers an evidence for this cyclical trend of progress. the writer considers no matter if the motives of fluctuations in output and employment are to be came across open air the approach or inside it, and no matter if the long run progress expense corresponds to the expansion of the hard work strength. very important Marxian and Keynesian insights into the expansion strategy are proven inside a rigorous framework of study that doesn't exclude the conventional neoclassical mechanisms.

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37). Instead, the cyclical behaviour of the economy is generated by a combination of (i) non-linearities in the investment and/or saving functions and (ii) endoge­ nous shifts in the two functions caused by the gradual changes in the capital stock. The working of the model can be described briefly as follows. For any given capital stock, desired investment and saving will be functionally related to income and the functional forms are, Kaldor argued, likely to be non-linear in the manner indicated by figure 3.

Is it reasonable to posit constant values of a and sP? Wood suggests that it is. Ultimately, I have failed to be convinced by bis argument. In some cases it may be costly - or even impossible - for individual firms to deviate strongly from the prevailing standards of prudent finance, but variations in financial behaviour do exist both across firms and temporally for the same firm. Furthermore, financial standards are not time-invariant, and changes in the standards may be influenced by variations in accumulation rates.

9 GOODWIN The starting point for Goodwin's famous paper is the Marxian conception that the strength of workers depends inversely on the size of the reserve army of labour, and that a strong working class will demand and gain an increasing share of wages in income. The rise in wages, in turn, has adverse effects on the rate of accumulation and hence on the employment rate, and this interaction between the size of the reserve army of labour, the 36 Survey ofpost-Keynesian and neo-Marxian ideas distribution of income and the rate of accumulation produces a cyclical growth path.

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