[go: up one dir, main page]
More Web Proxy on the site http://driver.im/
IDEAS home Printed from https://ideas.repec.org/a/bla/metroe/v59y2008i1p1-26.html
   My bibliography  Save this article

Growth, Autonomous Demand And A Joint‐Product Treatment Of Fixed Capital

Author

Listed:
  • Graham White
Abstract
The aim of this paper is to shed light on the idea of demand‐led growth by exploring the relation between growth and autonomous demands in a two‐sector model that includes fixed capital with variable efficiency. The paper considers disequilibrium only in relation to quantities, with prices set at their long‐period levels. Results of computer simulations suggest that where producers' expectations of future growth allow for dispersion in past growth rates, as well future growth in autonomous demand, this may have a significant stabilizing effect on the dynamics of output and demand.

Suggested Citation

  • Graham White, 2008. "Growth, Autonomous Demand And A Joint‐Product Treatment Of Fixed Capital," Metroeconomica, Wiley Blackwell, vol. 59(1), pages 1-26, February.
    • Handle: RePEc:bla:metroe:v:59:y:2008:i:1:p:1-26
    DOI: 10.1111/j.1467-999X.2007.00286.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1467-999X.2007.00286.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1467-999X.2007.00286.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Bullard James, 1994. "Learning Equilibria," Journal of Economic Theory, Elsevier, vol. 64(2), pages 468-485, December.
    2. Park, Man-Seop, 1997. "Accumulation, Capacity Utilisation and Distribution," Contributions to Political Economy, Cambridge Political Economy Society, vol. 16(0), pages 87-101.
    3. Graham White, 1996. "Capacity Utilization, Investment And Normal Prices: Some Issues In The Sraffa-Keynes Synthesis," Metroeconomica, Wiley Blackwell, vol. 47(3), pages 281-304, October.
    4. Reiner Franke, 2000. "Optimal Utilization of Capital and a Financial Sector in a Classical Gravitation Process," Metroeconomica, Wiley Blackwell, vol. 51(1), pages 40-66, February.
    5. Antonella Palumbo & Attilio Trezzini, 2003. "Growth without normal capacity utilization," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 109-135.
    6. Trezzini, Attilio, 1995. "Capacity Utilisation in the Long Run and the Autonomous Components of Aggregate Demand," Contributions to Political Economy, Cambridge Political Economy Society, vol. 14(0), pages 33-66.
    7. White, Graham, 2005. "Growth, Autonomous Demand and a Joint-Product Treatment of Fixed Capit al," Working Papers 8, University of Sydney, School of Economics.
    8. Trezzini, Attilio, 1998. "Capacity Utilisation in the Long Run: Some Further Considerations," Contributions to Political Economy, Cambridge Political Economy Society, vol. 17(0), pages 53-67.
    9. Sergio Cesaratto & Franklin Serrano & Antonella Stirati, 2003. "Technical Change, Effective Demand and Employment," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 33-52.
    10. Serrano, Franklin, 1995. "Long Period Effective Demand and the Sraffian Supermultiplier," Contributions to Political Economy, Cambridge Political Economy Society, vol. 14(0), pages 67-90.
    11. Pierangelo Garegnani, 2024. "Accumulation of Capital," Springer Studies in the History of Economic Thought, in: Roberto Ciccone (ed.), Capital Theory, the Surplus Approach, and Effective Demand, pages 465-473, Springer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Lídia Brochier & Antonio Carlos, 2019. "A supermultiplier Stock-Flow Consistent model: the “return” of the paradoxes of thrift and costs in the long run?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 43(2), pages 413-442.
    2. White, Graham, 2008. "Demand-led growth with debt constraints," Working Papers 2008-01, University of Sydney, School of Economics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. White, Graham, 2005. "Growth, Autonomous Demand and a Joint-Product Treatment of Fixed Capit al," Working Papers 8, University of Sydney, School of Economics.
    2. Matthew Smith, 2012. "Demand-led Growth Theory: A Historical Approach," Review of Political Economy, Taylor & Francis Journals, vol. 24(4), pages 543-573, October.
    3. Daniele Girardi & Riccardo Pariboni, 2015. "Autonomous demand and economic growth:some empirical evidence," Department of Economics University of Siena 714, Department of Economics, University of Siena.
    4. Michalis Nikiforos, 2018. "Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution," Economics Working Paper Archive wp_907, Levy Economics Institute.
    5. Marc Lavoie, 2016. "Convergence Towards the Normal Rate of Capacity Utilization in Neo-Kaleckian Models: The Role of Non-Capacity Creating Autonomous Expenditures," Metroeconomica, Wiley Blackwell, vol. 67(1), pages 172-201, February.
    6. Sergio Parrinello, 2014. "A search for distinctive features of demand-led growth models," PSL Quarterly Review, Economia civile, vol. 67(270), pages 309-342.
    7. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    8. Lorenzo Di Domenico, 2021. "Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization," Working Papers PKWP2116, Post Keynesian Economics Society (PKES).
    9. Trezzini, Attilio, 2017. "Harrodian Instability: a Misleading Concept," Centro Sraffa Working Papers CSWP24, Centro di Ricerche e Documentazione "Piero Sraffa".
    10. Óscar Dejuán, 2019. "Kaldor after Sraffa," Bulletin of Political Economy, Bulletin of Political Economy, vol. 13(1), pages 1-19, June.
    11. Dejuán, Óscar & McCombie, John S.L., 2018. "The Supermultiplier-Cum-Finance. Economic Limits of a Credit Driven System," Centro Sraffa Working Papers CSWP32, Centro di Ricerche e Documentazione "Piero Sraffa".
    12. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    13. Di Bucchianico, Stefano, 2021. "Inequality, household debt, ageing and bubbles: A model of demand-side Secular Stagnation," IPE Working Papers 160/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    14. Michaelis Nikiforos, 2018. "Distribution-led growth through methodological lenses," FMM Working Paper 24-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    15. Franklin Serrano & Fabio Freitas, 2016. "Growth Rate And Level Effects, The Adjustment Of Capacity To Demand And The Sraffian Supermultiplier," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 087, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    16. Tony Aspromourgos, 2019. "The Past and Future of Keynesian Economics: A Review Essay," History of Economics Review, Taylor & Francis Journals, vol. 72(1), pages 59-78, January.
    17. Oscar de-Juan, 2005. "Paths of accumulation and growth: Towards a Keynesian long-period theory of output," Review of Political Economy, Taylor & Francis Journals, vol. 17(2), pages 231-252.
    18. Nelson H. Barbosa-Filho, 1999. "A Note on the Theory of Demand-Led Growth," SCEPA working paper series. 1999-06, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    19. Sergio Cesaratto, 2012. "Neo-Kaleckian and Sraffian controversies on accumulation theory," Department of Economics University of Siena 650, Department of Economics, University of Siena.
    20. Peter Docherty, 2021. "A Short Period Sraffa-Keynes Model for the Evaluation of Monetary Policy," Working Paper Series 2021/01, Economics Discipline Group, UTS Business School, University of Technology, Sydney.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:metroe:v:59:y:2008:i:1:p:1-26. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.