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dc.contributor.authorWray, L. Randallen_US
dc.description.abstractIn a series of articles and books, Harold Vatter and John Walker attempted to make the case that the American economy suffers from chronically insufficient demand that leads to growth below capacity. Of particular interest are a 1989 Journal of Post Keynesian Economics article that extends Domar's work on the supply side effects of investment spending and a 1997 book that provides a comprehensive analysis of the evolution of the U.S. "mixed" economy. Their analysis of secular growth complements the well-known writings of Hyman Minsky, who also emphasized the role of the "big government" and the "big bank" in stabilizing an unstable economy over the cycle. This article will summarize, provide support for, and extend the Vatter and Walker approach, concluding with an examination of some of the dangers facing the U.S. economy today. As appropriate, the ideas of Minsky will be used to supplement the argument.en_US
dc.publisherLevy Economics Institute of Bard College Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking papers // The Levy Economics Institute 488en_US
dc.subject.keywordDemand Constraintsen_US
dc.subject.keywordEconomic Growthen_US
dc.subject.keywordVatter and Walkeren_US
dc.subject.keywordSectoral Balancesen_US
dc.titleDemand constraints and big governmenten_US
dc.typeWorking Paperen_US
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