Arbeitspapier
Autonomous demand, Harrodian instability and the supply side
A recent literature introduces autonomous demand as the driver of long-run economic growth and as a stabilizing force that tames Harrodian instability. The argument is unconvincing. The stabilizing effect is modest for plausible parameter values and, more importantly, it is questionable whether any components of aggregate demand can be viewed as autonomous in the long run. By contrast, models that include the supply side (the labor market) and/or economic policy can address Harrodian instability and produce level and growth effects that resemble those derived in the literature on autonomous demand.
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 2016-16
- Classification
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Wirtschaft
General Aggregative Models: Marxian; Sraffian; Kaleckian
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
One, Two, and Multisector Growth Models
- Subject
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supermultiplier
Harrodian instability
Kaleckian models
- Event
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Geistige Schöpfung
- (who)
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Skott, Peter
- Event
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Veröffentlichung
- (who)
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University of Massachusetts, Department of Economics
- (where)
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Amherst, MA
- (when)
-
2016
- Handle
- Last update
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10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Skott, Peter
- University of Massachusetts, Department of Economics
Time of origin
- 2016
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