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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/64182
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| DC Field | | Value | | Language |
| dc.contributor.author | | Basu, Deepankar | | en_US |
| dc.date.accessioned | | 2011-09-08 | | en_US |
| dc.date.accessioned | | 2012-09-25T07:18:15Z | | - |
| dc.date.available | | 2012-09-25T07:18:15Z | | - |
| dc.date.issued | | 2011 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/64182 | | - |
| dc.description.abstract | | This 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.language.iso | | eng | | en_US |
| dc.publisher | | Univ. of Massachusetts, Dep. of Economics Amherst, Mass. | | en_US |
| dc.relation.ispartofseries | | Working Paper, University of Massachusetts, Department of Economics 2011-12 | | en_US |
| dc.subject.jel | | B51 | | en_US |
| dc.subject.jel | | O1 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | circuit of capital | | en_US |
| dc.subject.keyword | | economic growth | | en_US |
| dc.subject.keyword | | consumption credit | | en_US |
| dc.subject.keyword | | Marxian political economy | | en_US |
| dc.title | | Comparative growth dynamics in a discrete-time Marxian circuit of capital model | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 668009055 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Working Papers, Department of Economics, University of Massachusetts
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