EconStor >
University of Massachusetts (UMass Amherst) >
Department of Economics, University of Massachusetts >
Working Papers, Department of Economics, University of Massachusetts >

Please use this identifier to cite or link to this item:

Full metadata record

DC FieldValueLanguage
dc.contributor.authorBasu, Deepankaren_US
dc.description.abstractThis paper develops a discrete-time formalization of the circuit of capital model presented by Marx in Volume II of Capital Marx (1993) 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 issues of 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 large to begin with.en_US
dc.publisherUniv. of Massachusetts, Dep. of Economics Amherst, Mass.en_US
dc.relation.ispartofseriesWorking Paper, University of Massachusetts, Department of Economics 2011-12en_US
dc.subject.keywordcircuit of capitalen_US
dc.subject.keywordeconomic growthen_US
dc.subject.keywordconsumption crediten_US
dc.subject.keywordMarxian political economyen_US
dc.titleComparative growth dynamics in a discrete-time Marxian circuit of capital modelen_US
dc.typeWorking Paperen_US
Appears in Collections:Working Papers, Department of Economics, University of Massachusetts

Files in This Item:
File Description SizeFormat
668009055.pdf413.62 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.