By Philip Arestis, Malcolm Sawyer
This 5th quantity within the foreign Papers in Political financial system (IPPE) sequence specializes in the subject matter of course dependency and macroeconomics when it comes to either concept and purposes. The volume examines how direction dependency is associated with notions of primary uncertainty, non-ergodicity and hysteresis.
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Additional info for Path Dependency and Macroeconomics (International Papers in Political Economy)
Pp. 326–7) Philip Arestis and Malcolm Sawyer 33 Palley (1996, 2002) involves an investment function in which investment depends on the growth of demand and capacity utilization (relative to some ‘normal’ level) in a model in which the growth of output is, as it would be in a endogenous growth theory, equal to the growth of the labour force plus the rate of labour-augmenting technical progress and the elasticity of output with respect to capital (in a Cobb–Douglas production function) times the growth of capital–labour ratio.
Further, investment decisions today influence tomorrow’s capital stock and productive capacity, which forms the background to tomorrow’s decisions on investment. In the neoclassical investment function (cf. Jorgenson, 1963) investment decisions depend on relative prices and can be readily reversed (that is, nothing rules out negative investment at the firm level and then by aggregation at the aggregate level). In a post Keynesian/Kaleckian approach, investment decisions are undertaken in an uncertain environment, influenced by past experience and perceptions of the future, and in particular by the macroeconomic environment in terms of capacity utilization, growth and profitability.
19, no. 1, pp. 33–54. K. (2006), ‘Aggregate Demand, Aggregate Supply and Economic Growth’, International Review of Applied Economics, vol. 20, no. 3, pp. 319–36. Friedman, M. (1968), ‘The Role of Monetary Policy: Presidential Address to AEA’, American Economic Review, vol. 58, no. 1, pp. 1–17. Frydman, R. D. (2007), Imperfect Knowledge Economics: Exchange Rates and Risk, Princeton University Press. Jorgenson, D. (1963), ‘Capital Theory and Investment Behaviour’, American Economic Review, vol. 53, no.
Path Dependency and Macroeconomics (International Papers in Political Economy) by Philip Arestis, Malcolm Sawyer