The Economics of Demand-Led Growth : Challenging the Supply-side Vision of the Long Run

The Economics of Demand-Led Growth is a collection of specially written essays that develop and apply the theory of demand-led growth. Long-run growth is usually portrayed as a supply-determined process. The contributions to this volume, however, are rooted in the theory of demand-led growth. In addition to general discussions of the role of demand in the long-run, the volume contains essays in the Kaldorian and Kaleckian traditions, and a section on the relationship between demand-led growth and structural change. The conclusion reached is that current neglect of the role of demand in analyses of long-run growth is unwarranted. This book will prove indispensable to academic economists and graduate students in economics for its contributions to the field of macrodynamics and, in particular, its development of non-neoclassical approaches to macrodynamics. Introduction: A Dissenter's View Of The Development Of Growth Theory And The Importance Of Demand-led Growth / Mark Setterfield -- Fundamental Issues In The Theory Of Demand-led Growth -- Keynesian Macroeconomics And The Theory Of Economic Growth: Putting Aggregate Demand Back In The Picture / Thomas I. Palley -- The Exogeneity Of Investment: From Systemic Laws Of Accumulation And Growth To Effective Demand Conditions / Joseph Halevi, Reduane Taouil -- Growth And Fluctuations In The Usa: A Demand-oriented Explanation / H. Sonmez Atesoglu -- Kaldorian Models Of Demand-led Growth -- A Neo-kaldorian Perspective On The Rise And Decline Of The Golden Age / Mark Setterfield, John Cornwall -- The Role Of The Balance Of Payments In Economic Growth / J.s.l. Mccombie, Mark Roberts -- Pitfalls In The Theory Of Growth: An Application To The Balance-of-payments-constrained Growth Model / Thomas I. Palley -- Kaleckian Models Of Demand-led Growth -- Distribution, Demand And Growth In Neo-kaleckian Macro-models / Robert A. Blecker -- Longer-run Aspects Of Kaleckian Macroeconomics / Tracy Mott -- The Kaleckian Growth Model With Target Return Pricing And Conflict Inflation / Marc Lavoie -- Conflict, Inflation, Distribution And Terms Of Trade In The Kaleckian Model / Mario Cassetti -- Traverse Analysis And Demand-led Growth -- A Model Of Kaldorian Traverse: Cumulative Causation, Structural Change And Evolutionary Hysteresis / Mark Setterfield -- Structural Change And Demand-led Growth. Edited By Mark Setterfield. Includes Bibliographical References And Index. This should prove a valuable work for academic economists and graduate students in economics for its contributions to the field of macrodynamics and, in particular, its development of non-neoclassicl approaches to macrodynamics