Growth, Distribution, and Effective Demand presents original essays on a variety of topics in theoretical and applied economics. The book honors the work of Edward J. Nell and develops interconnected themes that run through the modern Post-Keynesian tradition. The first part deals with the fundamental idea that economic growth is demand-driven, with special attention to policy ramifications. The second theme concerns the connection between economic growth and the structural characteristics of a market economy. These issues are closely linked to a critical tradition that calls into question key elements in orthodox economics. The final part of the book aims to buttress non-orthodox approaches to growth and distribution by critiquing particular aspects of the conventional theory, by elaborating neglected themes in non-orthodox theory, or by exploring some overlooked methodological ideas.
Table of Contents
Preface; Part I. Growth, Distribution and Technical Change; 1. Transformational Growth, Interest Rates, and the Golden Rule, Marc Lavoie, Gabriel Rodriguez, and Mario Seccareccia; 2. Transformational Growth and the Changing Nature of the Business Cycle, Korkut A. Erturk; 3. A Classical Alternative to the Neoclassical Growth Model, Thomas R. Michl and Duncan K. Foley; 4. Wealth in the Post-Keynesian Theory of Growth and Distribution, Neri Salvadori; 5. Transformational Growth and the Universality of Technology, Ross Thomson; 6. Growth, Productivity, and Employment: Consequences of the New Information and Communication Technologies in Germany and the US, Harald Hagemann and Stephan Seiter; 7. Educational Insights from Edward Nells Theory of Transformational Growth, Thomas F. Phillips; Part II. Money, Employment and Effective Demand; 8. Labor Market Dynamics within Rival Macroeconomic Frameworks, Anwar Shaikh; 9. Has the Long-Run Phillips Curve Turned Horizontal? Craig Freedman, Geoff Harcourt, and Peter Kriesler; 10. Simulating an Employer of Last Resort Program, Raymond Majewski; 11. Disabled Workers or Disabled Labor Markets? Causes and Consequences, George Argyrous and Megan Neale; 12. Interest Rates, Effective Demand, and Financial Fragility: Edward Nell and the Trieste Tradition, Louis-Philippe Rochon and Matias Vernengo; 13. Sraffa in the City: Exploring the Urban Multiplier, Gary A. Dymski; 14. Elements of Historical Macroeconomics, Thorsten Block; Part III. Theory, Method and the History of Ideas; 15. Thorstein Veblen and the Machine Process Geoffrey M. Hodgson; 16. Is There a Classical Theory of Supply and Demand? David Laibman; 17. The Capital Controversy, Stability, and the Income Effect, Susan I. Pashkoff; 18. Cumulative Causation a la Lowe: Radical Endogeneity, Methodology, and Human Intervention, Mathew Forstater; 19. The Epistemological Status of Economic Propositions, Gary Mongiovi; 20. On Some Criticisms of Ricardos Discussion of Agricultural Improvements, Christian Gehrke and Heinz D. Kurz