On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model

Gahn, Santiago José

doi:10.1016/j.strueco.2021.06.009

Cited by 15 publications

(4 citation statements)

References 68 publications

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“…Los neokaleckianos defienden la idea de un efecto persistente sobre la utilización de la capacidad, mientras que los sraffianos defienden una noción de choque transitorio que hace que la utilización de la capacidad tienda a su nivel normal de utilización. La evidencia empírica al respecto parece demostrar esta segunda noción (Gahn, 2021). es localmente inestable, tratan de determinar límites superiores e inferiores en la senda de crecimiento de las economías capitalistas, yendo más allá de determinar mecanismos de ajuste de la economía en el largo plazo y acabando en modelos de ciclo económico (Blecker y Setterfield, 2019).…”

Section: Soluciones Neokaleckianas Neoharrodianas Y De Cambridgeunclassified

La economía política del crecimiento económico: la inestabilidad fundamental y el caso del supermultiplicador Sraffiano

Martínez

2023

ecoins

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En este artículo se pretende desarrollar la idea del Supermultiplicador Sraffiano, presentándolo como una alternativa al pensamiento neoclásico tradicional sobre el crecimiento económico y la política económica, De esta forma, se hace una breve introducción acerca de la importancia del crecimiento económico para los economistas clásicos, seguido del desarrollo del modelo de Harrod y las diferentes soluciones que se han planteado al problema de inestabilidad. Finalmente, se presenta el modelo de supermultiplicador de Serrano junto a la evidencia empírica internacional que le respalda; por último se desarrollan propuestas de política económica.

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Section: Soluciones Neokaleckianas Neoharrodianas Y De Cambridgeunclassified

La economía política del crecimiento económico: la inestabilidad fundamental y el caso del supermultiplicador Sraffiano

Martínez

2023

ecoins

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“…This fits with Skott (2012), who reviews data for the United States and finds it inconsistent with theories in which the demand side determines long‐run utilization. Also relevant is Gahn (2021), who finds that demand shocks have only temporary effects on the utilization rate, but for an alternative perspective see Nikiforos (2016).…”

Section: Capital Accumulation Utilization and Profitability In The Lo...mentioning

confidence: 99%

“The total movement of this disorder is its order”: Investment and utilization dynamics in long‐run disequilibrium

Thompson

2022

Metroeconomica

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Recently economists have developed Kaleckian‐Harrodian models, in which non‐capacity‐creating autonomous demand acts as a stabilizing force that drives long‐run growth. But critics have questioned the plausibility of the stability conditions for these models. Motivated by this controversy, in this paper I formulate an alternative framework, in which stable equilibria need not exist, and solution trajectories can perpetually fluctuate in violent and aperiodic ways, but the long‐run dynamics can be understood in terms of time averages. On this basis I argue that key findings in the Kaleckian‐Harrodian literature can be sustained even if the stability conditions are rejected.

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“…Moreover, as prices and quantities are studied separately, when studying quantities, some Sraffians consider that the sphere of quantities (and capital accumulation) is much more complex to be formalized and that the models are too restrictive, forcing necessary conditions when in fact, they might not be. See Cesaratto (2015) and Gahn (2021a) for a clear analysis of these different views among Sraffians. 7.…”

Section: Introductionmentioning

confidence: 99%

Critical notes on some recent Neo-Kaleckian contributions on capacity utilization

Gahn

2023

Review of Keynesian Economics

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Within the non-mainstream growth literature, the Neo-Kaleckian model is the only one that presents an endogenous capacity utilization in the long run. After systematizing the debate around recent contributions, presenting the baseline and extensions of the Neo-Kaleckian model and providing some notes on the normal rate of capacity utilization, I critically assess three recent alternatives that try to justify endogenous utilization in Neo-Kaleckian models. All these contributions present different theoretical and empirical shortcomings that should be addressed in order to substantiate their claims.

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On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model

Cited by 15 publications

References 68 publications

La economía política del crecimiento económico: la inestabilidad fundamental y el caso del supermultiplicador Sraffiano

La economía política del crecimiento económico: la inestabilidad fundamental y el caso del supermultiplicador Sraffiano

“The total movement of this disorder is its order”: Investment and utilization dynamics in long‐run disequilibrium

Critical notes on some recent Neo-Kaleckian contributions on capacity utilization

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