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Literatur zur Politischen Ökonomie
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Basu (2011): Comparative Growth Dynamics
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Titel:
Comparative Growth Dynamics in a Discrete-time Marxian Circuit of Capital Model
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2011
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This paper develops a discrete-time formalization of the circuit of capital model presented by Marx in Volume II of Capital as a tool for aggregate economic analysis of capitalist economies. The discrete-time formalization closely follows and extends the continuous-time formalization in Foley (1982; 1986a). The discrete-time model is used to address two important theoretical issues of general interest to the heterodox economic tradition: profit-led versus wage-led growth, and the growth-reducing impact of non-production credit. First, it is demonstrated that both profit-led and wage-led growth regimes can be accommodated within the Marxian circuit of capital model. Second, it is demonstrated that the steady-state growth rate of a capitalist economy is negatively related to the share of consumption credit in total net credit, when the total credit is already large to begin with. These two results are used to offer a novel explanation of the U.S. slowdown in economic growth under neoliberalism.


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