Neoclassical Growth Theory and Heterodox Growth Theory: Opportunities For (and Obstacles To) Greater Engagement

Eastern Economic Journal - Tập 40 - Trang 365-386 - 2013
Mark Setterfield1
1Department of Economics, Trinity College, Hartford, USA

Tóm tắt

This article explores the possibilities for greater engagement between neoclassical and heterodox growth theorists. Simple structural models are used to identify the essential “mechanics” of the growth process in both the neoclassical and heterodox traditions, and these are shown to point to important areas of theoretical overlap and even observational equivalence. In particular, the interaction of trend and cycle — and more specifically, the influence of demand on long-run growth — is identified as an emerging “common front” in growth theory. Rhetorical and sociological obstacles to greater engagement are identified, but it is argued that these should not be allowed to thwart profitable interactions among researchers from different traditions.

Tài liệu tham khảo

Acemoglu, Daron, Simon Johnson, and James Robinson . 2005. The Rise of Europe: Atlantic Trade, Institutional Change, and Economic Growth. American Economic Review, 95 (3): 546–579.

Aghion, Philippe, and Peter Howitt . 1992. A Model of Growth Through Creative Destruction. Econometrica, 60 (2): 323–351.

Aghion, Philippe, and Peter Howitt . 2009. The Economics of Growth. Cambridge, MA: MIT Press.

Blackburn, Keith 1999. Can Stabilisation Policy Reduce Long-Run Growth? Economic Journal, 109 (January): 67–77.

Blackburn, Keith, and Ragchaasuren Galindev . 2003. Growth, Volatility and Learning. Economics Letters, 79 (3): 417–421.

Boyer, Robert 1990. The Regulation School: A Critical Introduction. New York: Columbia University Press.

Blecker, Robert 2002. Distribution, Demand and Growth in neo-Kaleckian Macro-Models, in The Economics of Demand-led Growth: Challenging the Supply-side Vision of the Long Run, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Blecker, Robert 2011. Long-Run Growth in Open Economies: Export-Led Cumulative Causation or a Balance-of-Payments Constraint?, in Handbook of Post Keynesian Economics, edited by Geoffrey C. Harcourt and Peter Kriesler. Oxford: Oxford University Press.

Campbell, John Y. and Gregory N. Mankiw. 1989. Consumption, Income and Interest Rates: Reinterpreting the Time Series Evidence, in NBER Macro-economics Annual 1989, edited by O.J. Blanchard and S. Fischer. Volume 4, Cambridge, MA: MIT Press, 185–216.

Castellacci, Fulvio 2008. Evolutionary and New Growth Theories: Are they Converging?, in Issues in Heterodox Economics, edited by Donald A.R. George. Oxford: Blackwell.

Cornwall, John 1972. Growth and Stability in a Mature Economy. London: Martin Robertson.

Cornwall, John 1977. Modern Capitalism: Its Growth and Transformation. London: Martin Robertson.

Cornwall, John, and Mark Setterfield . 2002. A neo-Kaldorian Perspective on the Rise and Decline of the Golden Age, in The Economics of Demand-Led Growth: Challenging the Supply Side Vision of the Long Run, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Cross, Rod 1995. Is the Natural Rate Hypothesis Consistent with Hysteresis?, in The Natural Rate of Unemployment: Reflections on 25 Years of the Hypothesis, edited by Rod Cross. Cambridge: Cambridge University Press.

Dixon, Robert, and Anthony P Thirlwall . 1975. A Model of Regional Growth Rate Differences Along Kaldorian Lines. Oxford Economic Papers, 27 (2): 201–214.

Duménil, Gerard, and Dominique Lévy . 1995. A Stochastic Model of Technical Change: An Application to the US Economy (1869–1989). Metroeconomica, 46 (3): 213–245.

Duménil, Gerard, and Dominique Lévy . 1999. Being Keynesian in the Short Term and Classical in the Long Term: The Traverse to Classical Long-Term Equilibrium. Manchester School, 67 (6): 684–716.

Duménil, Gerard, and Dominique Lévy . 2003. Technology and Distribution: Historical Trajectories la Marx. Journal of Economic Behavior and Organization, 52 (2): 201–233.

Dutt, Amitava K. 1984. Stagnation, Income Distribution, and Monopoly Power. Cambridge Journal of Economics, 8 (1): 25–40.

Dutt, Amitava K. . 2006. Aggregate Demand, Aggregate Supply and Economic Growth. International Review of Applied Economics, 20 (3): 319–336.

Dutt, Amitava K. 2010. Reconciling the Growth of Aggregate Demand and Aggregate Supply, in Handbook of Alternative Theories of Economic Growth, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Dutt, Amitava K., and Jaime Ros . 2007. Aggregate Demand Shocks and Economic Growth. Structural Change and Economic Dynamics, 18 (1): 75–99.

Echevarria, Cristina 1997. Changes in Sectoral Composition Associated with Economic Growth. International Economic Review, 38 (2): 431–452.

Foley, Duncan K., and Thomas R. Michl . 1999. Growth and Distribution. Cambridge, MA: Harvard University Press.

Foley, Duncan K., and Thomas R. Michl . 2010. The Classical Theory of Growth and Distribution, in Handbook of Alternative Theories of Economic Growth, edited by Mark Setterfield. Cheltenham, Edward Elgar.

Gaggl, Paul, and Sandra Steindl . 2008. On Business Cycle Models and their Extensions to Endogenous Growth Theory, Austrian Institute of Economic Research (WIFO), mimeo.

Galindev, Ragchaasuren 2009. Note on ‘Growth, Cycles and Stabilization Policy’. Oxford Economic Papers, 61 (1): 201–206.

Gibson, Bill 2010. The Structuralist Growth Model, in Handbook of Alternative Theories of Economic Growth, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Hands, D. Wade 1994. The Sociology of Scientific Knowledge: Some Thoughts on the Possibilities, in New Directions in Economic Methodology, edited by Roger E. Backhouse. London: Routledge.

Harris, Donald J. 1978. Capital Accumulation and Income Distribution. Stanford: Stanford University Press.

Harrod, Roy 1939. An Essay in Dynamic Theory. Economic Journal, 49 (March): 14–33.

Jones, Charles I. 2002. Introduction to Economic Growth. 2nd ed. New York: W.W. Norton.

Jones, Charles I. 1995. R & D-based Models of Economic Growth, Journal of Political Economy, 103 (4): 759–784.

Kaldor, Nicholas 1957. A Model of Economic Growth. Economic Journal, 67 (December): 591–624.

Kaldor, Nicholas . 1961. Capital Accumulation and Economic Growth, in The Theory of Capital, edited by F.A. Lutz and D.C. Hague. New York: St. Martin's Press, 177–222.

Kaldor, Nicholas . 1966. Causes of the Slow Rate of Economic Growth in the United Kingdom. Cambridge: Cambridge University Press.

Kalecki, Michal 1968. Trend and Business Cycle Reconsidered. Economic Journal, 78 (June): 263–276.

Kongsamut, Piyabha, Sergio Rebelo, and Danyong Xie . 2001. Beyond Balanced Growth. Review of Economic Studies, 68 (4): 869–882.

Kotz, David M., Terence McDonough, and Michael Reich (eds.) 1994. Social Structures of Accumulation: The Political Economy of Growth and Crisis. Cambridge: Cambridge University Press.

Krugman, Paul 2011. The Profession and the Crisis. Eastern Economic Journal, 37 (3): 307–312.

Laitner, John 2000. Structural Change and Economic Growth. Review of Economic Studies, 67 (3): 545–561.

Lavoie, Marc 2010. Surveying Short-Run and Long-Run Stability Issues with the Kaleckian Model of Growth, in Handbook of Alternative Theories of Economic Growth, edited by Mark Setterfield. Cheltenham, Edward Elgar.

León-Ledesma, Miguel, and Anthony P. Thirlwall . 2000. Is the Natural Rate of Growth Exogenous. Banca Nazionale Del Lavoro Quarterly Review, 53, 215: 433–445.

León-Ledesma, Miguel, and Anthony P. Thirlwall . 2002. The Endogeneity of the Natural Rate of Growth. Cambridge Journal of Economics, 26 (4): 441–459.

León-Ledesma, Miguel, and Mateo Lanzafame . 2010. The Endogenous Nature of the “Natural” rate of Growth, in Handbook of Alternative Theories of Economic Growth, edited by M. Setterfield. Cheltenham: Edward Elgar.

Lucas, Robert E. 1988. On the Mechanics of Economic Development. Journals of Monetary Economics, 22 (1): 3–42.

Marglin, Stephen 1984a. Growth, Distribution and Inflation: A Centennial Synthesis. Cambridge Journal of Economics, 8 (2): 115–144.

Marglin, Stephen 1984b. Growth, Distribution and Prices. Cambridge, MA: Harvard University Press.

Martin, Philippe, and Carol A. Rogers . 1997. Stabilization Policy, Learning by Doing and Economic Growth. Oxford Review of Economic Policy, 49 (2): 152–166.

McCombie, John S.L., Maurizio Pugno, and Bruno Soro (eds) 2003. Productivity Growth and Economic Performance: Essays on Verdoorn's Law. London: Palgrave Macmillan.

Metcalfe, Stanley, and John Foster . 2010. Evolutionary Growth Theory, in Handbook of Alternative Theories of Economic Growth, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Nell, Edward J. 1990. Transformational Growth and Effective Demand. London: Macmillan.

Ngaï, L. Rachel, and Christopher A. Pissarides . 2007. Structural Change in a Multisector Model of Growth. American Economic Review, 97 (1): 429–443.

Palley, Thomas I. 1996. Growth Theory in a Keynesian Mode: Some Keynesian Foundations for the Theory of Economic Growth. Journal of Post Keynesian Economics, 19 (1): 113–135.

Palley, Thomas I. 1997. Aggregate Demand and Endogenous Growth: A Generalized Keynes-Kaldor Model of Economic Growth. Metroeconomica, 48 (2): 161–176.

Palley, Thomas I. 2002a. Pitfalls in the Theory of Growth: An Application to the Balance-of Payments-Constrained Growth Model, in The Economics of Demand-Led Growth: Challenging the Supply-Side Vision of the Long Run, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Palley, Thomas I. 2002b. Keynesian Macroeconomics and the Theory of Economic Growth: Putting Aggregate Demand Back in the Picture, in The Economics of Demand-Led Growth: Challenging the Supply-Side Vision of the Long Run, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Pasinetti, Luigi L. 1981. Structural Change and Economic Growth. Cambridge: Cambridge University Press.

Porcile, Gabriel, and Gilberto T. Lima . 2010. Real Exchange Rate and Elasticity of Labour Supply in a Balance-of-Payments-Constrained Macrodynamics. Cambridge Journal of Economics, 34 (6): 1019–1039.

Roberts, Mark, and Mark Setterfield . 2007. What is Endogenous Growth Theory?, in Economic Growth: New Directions in Theory and Policy, edited by Philip Arestis, Michelle Baddeley and John S.L. McCombie. Cheltenham: Edward Elgar.

Robinson, Joan . 1956. The Accumulation of Capital. London: Macmillan.

Romer, Paul M. 1986. Increasing Returns and Long-Run Growth. Journal of Political Economy, 94 (5): 1002–1037.

Romer, Paul M. 1990. Endogenous Technological Change. Journal of Political Economy, 98 (5): S71–S103.

Rowthorn, Robert E. 1981. Demand, Real Wages and Economic Growth, Thames Papers in Political Economy, London: Thames Polytechnic.

Schmookler, Jacob . 1966. Invention and Economic Growth. Cambridge, MA: Harvard University Press.

Scott, Maurice F.G. 1989. A New View of Economic Growth. Oxford: Clarendon.

Setterfield, Mark 2002. Introduction: A Dissenter's View of the Development of Growth Theory and the Importance of Demand-led Growth, in The Economics of Demand-Led Growth: Challenging the Supply-Side Vision of the Long Run, edited by Mark Setterfield. Cheltenham: Edward Elgar.

Setterfield, Mark 2003. Supply and Demand in the Theory of Long-run Growth: Introduction to a Symposium on Demand-led Growth. Review of Political Economy, 15 (1): 23–32.

Setterfield, Mark 2006. Thirlwall's Law and Palley's Pitfalls: A Reconsideration, in Growth and Economic Development: Essays in Honour of A.P. Thirlwall, edited by Philip Arestis, John McCombie, and Roger Vickerman. Cheltenham: Edward Elgar.

Setterfield, Mark 2009. Path Dependency, Hysteresis and Macrodynamics, in Path Dependency and Macroeconomics (International Papers in Political Economy 2009), edited by Philip Arestis and Malcolm Sawyer. London: Palgrave Macmillan, 37–79.

Setterfield, Mark 2010. The Handbook of Alternative Theories of Economic Growth. Cheltenham: Edward Elgar.

Setterfield, Mark 2011. Endogenous Growth: A Kaldorian Approach, in Handbook of Post Keynesian Economics, edited by Geoffrey C. Harcourt and Peter Kriesler. Oxford: Oxford University Press.

Skott, Peter, and Soon Ryoo . 2008. Macroeconomic Implications of Financialisation. Cambridge Journal of Economics, 32 (6): 827–862.

Solow, Robert M. 1956. A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70 (February): 65–94.

Solow, Robert M. 1994. Perspectives on Growth Theory. Journal of Economic Perspectives, 8 (1): 45–54.

Solow, Robert M. 2007. The Last 50 Years in Growth Theory and the Next 10. Oxford Review of Economic Policy, 23 (1): 3–14.

Stern, Nicholas 1991. The Determinants of Growth. Economic Journal, 101 (January): 122–133.

Swan, Trevor W. 1956. Economic Growth and Capital Accumulation. Economic Record, 32 (November): 334–361.

Sweezy, Paul M. 1949. The Theory of Capitalist Development. New York: Monthly Review Press.

Taylor, Lance 2004. Reconstructing Macroeconomics. Harvard: Harvard University Press.

Thirlwall, Anthony P. 1979. The Balance of Payments Constraint as an Explanation of Regionial Growth Rate Differences. Banca Nazionale del Lavoro Quaterly Review, 128: 45–53.

Thông tin
Thông tin xuất bản

Eastern Economic Journal

Tập 40

365-386

Thông tin tác giả