Long Period Effective Demand and the Sraffian Supermultiplier

Serrano, Franklin

doi:10.1093/oxfordjournals.cpe.a035642

Cited by 219 publications

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“…Before that, we present some features of Serrano's pioneering contribution. Serrano (1995) discusses under which conditions and in what sense the economic system as a whole can be demand-led, taking into account the interdependence and the feedback effects that arise from the dual nature of investment and of the circular flow of income. Thus, he proposes a model, called the Sraffian 14 supermultipler model, in which economic growth is demand-led even in the long-run.…”

Section: Autonomous Expenditures and The Long-run Growth: The Sraffiamentioning

confidence: 99%

“…Following this criteria, the expenditures that could be understood as autonomous are: capitalists' consumption; richer workers' consumption 15 (because they must hold assets, have accumulated wealth and credit access); households' residential investment; discretionary expenditures of firms (which do not include the purchase of production goods), such as consultancy services, Research and Development, publicity, etc. ; government expenditures (consumption and investment) and exports (SERRANO, 1995).…”

Section: Autonomous Expenditures and The Long-run Growth: The Sraffiamentioning

confidence: 99%

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The Macroeconomic Implications of Consumption: State-of-Art and Prospects for the Heterodox Future Research

Brochier¹,

Silva

2017

RAE

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Abstract:The recent US economic scenario has motivated a series of heterodox papers concerned with household indebtedness and consumption. Though discussing autonomous consumption, most of the theoretical papers rely on private investmentled growth models. An alternative approach is the so-called Sraffian supermultipler model, which treats long-run investment as induced, allowing for the possibility that other final demand components -including consumption -may lead long-run growth. We suggest that the dialogue between these approaches is not only possible but may prove to be quite fruitful.Keywords: Consumption. Household debt. Growth theories. Autonomous expenditures.Resumo: O cenário econômico recente dos Estados Unidos motivou uma série de artigos de cunho heterodoxo preocupados com o endividamento das famílias e com o consumo. Apesar de discutirem o consumo autônomo, a maioria dos artigos teóricos se baseia em modelos de crescimento liderado pelo investimento privado. Uma abordagem alternativa é a do chamado supermultiplicador "sraffiano", que aborda o investimento de longo prazo como induzido, permitindo que outros componentes da demanda final -incluindo o consumo -possam assumir a liderança do crescimento de longo prazo. Sugerimos que o diálogo entre essas abordagens não é apenas possível, mas pode se mostrar muito frutífero.Palavras-chave: Consumo. Endividamento do consumidor. Teorias de crescimento. Gastos autônomos.

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Section: Autonomous Expenditures and The Long-run Growth: The Sraffiamentioning

confidence: 99%

Section: Autonomous Expenditures and The Long-run Growth: The Sraffiamentioning

confidence: 99%

The Macroeconomic Implications of Consumption: State-of-Art and Prospects for the Heterodox Future Research

Brochier¹,

Silva

2017

RAE

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“…-como capazes de afetar o investimento significativamente, tornando-o assim parcialmente autônomo em relação às condições de demanda. Seguidores do enfoque do investimento completamente induzido contra-argumentam afirmando que, ainda que do ponto de vista microeconômico todas essas demais variáveis possam ser importantes, sob o ângulo macroeconômico a admissão de qualquer uma delas na função investimento exigiria que as empresas aceitassem operar com graus de utilização da capacidade diferentes dos desejados no longo prazo marshalliano, o que contradiria a hipótese de racionalidade (Garegnani, 1976;Amadeo e Dutt, 1990;Serrano, 1995). Os demais enfoques não se sentem presos ao conceito de racionalidade substantiva e/ou ao de equilíbrio de longo prazo nas formas presentes naquela abordagem (Shacke, 1968;Carvalho, 1985).…”

Section: Confluências Entre Kaldor E Thirlwallunclassified

Modelos Heterodoxos De Crescimento Em Economias Abertas: Uma Extensão Dos Modelos De Kaldor-Thirlwall

Lourenço

2015

Rev. econ. contemp.

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RESUMO: O artigo teve por objetivo central contribuir para o processo de construção de modelos de crescimento heterodoxos para economias abertas na linha de Kaldor (1970) e Thirlwall (1979. Para tanto: i) recuperou os elementos comuns a esses modelos que forneceram uma base teórica geral para a construção de modelos; ii) buscou melhorar a articulação entre as taxas de crescimento da demanda agregada e a taxa de crescimento permitida pela restrição externa, bem como preencher o vácuo decorrente da ausência do crescimento da demanda agregada; iii) resenhou a literatura que visa melhorar a modelagem da restrição externa nessa linha teórica, recolhendo importantes inspirações para construir uma forma de modelar a restrição externa que evitasse algumas das deficiências presentes na literatura; iv) explorou algumas das propriedades e aspectos mais salientes da solução assim gerada.

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“…This super-multiplier model has been recently articulated in the literature, notably by Serrano (1995) and, from a critical disposition, by Trezzini (1995;. A feature of this model is that productive capacity is determined by long-run aggregate demand.…”

Section: The Growth Model With Normal Utilisationmentioning

confidence: 99%

“…In an attempt to incorporate long-run elasticity of output into a super-multiplier growth model Serrano (1995) proposed that consistent with variability in capacity utilisation the average utilisation of capacity which emerged over time would be the same as the normal utilisation of capacity. Unlike the steady-state model, the utilisation of capacity is not assumed to be constant but rather the given normal utilisation of capacity is proposed to correspond to an average of its fluctuations over time.…”

Section: An Alternative Growth Model With Endogenous Utilisationmentioning

confidence: 99%

Demand-led Growth Theory: A Historical Approach

Smith

2012

Review of Political Economy

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This paper develops upon the Keynesian theory of demand-led growth in order to provide an analytical framework conducive to explaining economic growth and development in concrete terms consistent with the fundamental idea that growth in output and employment is determined by the growth in aggregate demand. The framework employs an historical approach to identify the main factors and their role in explaining demand-led growth and the accumulation process. The theoretical model developed abandons steadystate conditions by proposing that capacity utilization varies in the long run as well as in the short run to ensure output has the elasticity to accommodate levels of autonomous demand free of any capacity saving constraint. On the basis of our analytical framework, the paper considers the main factors which explain the growth in aggregate demand: first, by examining the variables that determine the 'super-multiplier' and what social, institutional and technical conditions can cause its value to change over time; second, by identifying the components of autonomous demand and the main forces explaining their growth; and third, by considering the manner in which technical progress promotes demand-led growth.

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Long Period Effective Demand and the Sraffian Supermultiplier

Cited by 219 publications

References 0 publications

The Macroeconomic Implications of Consumption: State-of-Art and Prospects for the Heterodox Future Research

The Macroeconomic Implications of Consumption: State-of-Art and Prospects for the Heterodox Future Research

Modelos Heterodoxos De Crescimento Em Economias Abertas: Uma Extensão Dos Modelos De Kaldor-Thirlwall

Demand-led Growth Theory: A Historical Approach

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