Journal Article

The role of aggregate demand in classical-Marxian models of economic growth

Amitava Krishna Dutt

in Cambridge Journal of Economics

Published on behalf of Cambridge Political Economy Society

Volume 35, issue 2, pages 357-382
Published in print March 2011 | ISSN: 0309-166X
Published online August 2010 | e-ISSN: 1464-3545 | DOI: http://dx.doi.org/10.1093/cje/beq025
The role of aggregate demand in classical-Marxian models of economic growth

More Like This

Show all results sharing these subjects:

  • General Aggregative Models
  • Economic Growth and Aggregate Productivity

GO

Show Summary Details

Preview

This paper argues that classical-Marxian models of economic growth are similar to neoclassical models in neglecting the role of aggregate demand, either by omitting aggregate demand issues altogether or by relegating the role of aggregate demand to the short run. By reviewing the writings of classical-Marxian authors and by examining recent contributions to the classical-Marxian literature, it discusses the implicit assumptions that allow these theories to neglect the role of aggregate demand by examining alternative growth theories in which aggregate demand has a major role to play. It also assesses to what extent classical-Marxian economists are justified in neglecting aggregate demand as a determinant of long-run growth.

Keywords: Aggregate demand; Classical-Marxian models; Growth; E11; E12; O41

Journal Article.  13013 words.  Illustrated.

Subjects: General Aggregative Models ; Economic Growth and Aggregate Productivity

Full text: subscription required

How to subscribe Recommend to my Librarian

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.