Heterodox Macroeconomics: Models of Demand, Distribution and Growth

Description

The last few decades have witnessed an outpouring of literature on macroeconomic models in the broad ‘heterodox’ tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day – such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable – can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications. Preface and acknowledgements xiv Notation guide xix 1 Introduction: competing theories of production, growth and distribution 1 PART I CORE MODELS OF GROWTH AND DISTRIBUTION 2 Classical-Marxian models 58 3 Neo-Keynesian models 103 4 Neo-Kaleckian models 158 PART II EXTENDED MODELS OF DISTRIBUTIONAL CONFLICT AND CYCLICAL DYNAMICS 5 Distributional conflict, aggregate demand and neoGoodwin cycles 209 6 Neo-Harrodian models and the Harrodian instability debate 264 7 New directions: wage inequality, rentier income, financial dynamics and supermultiplier models 318 PART III KALDORIAN APPROACHES: EXPORT-LED GROWTH AND THE BALANCE-OF-PAYMENTS CONSTRAINT 8 Export-led growth and cumulative causation 376 9 Balance-of-payments-constrained growth I: Thirlwall’s law and extensions 425 10 Balance-of-payments-constrained growth II: critiques, alternatives and syntheses 471 References 519 Index 547