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dc.contributor.authorCamara-Neto, Alcino F.en_US
dc.contributor.authorVernengo, Matíasen_US
dc.description.abstractThis paper analyzes to what extent John Maynard Keynes was successful in showing that the economic system tends to fluctuate around a position of equilibrium below full employment in the long run. It is argued that a successful extension of Keynes's principle of effective demand to the long run requires the understanding of the contributions by Piero Sraffa and Nicholas Kaldor. Sraffa provides the basis for the proper dismissal of the natural rate of interest, while the incorporation by Kaldor of the supermultiplier and Verdoorn's Law allows for a theory of the rate of change of the capacity limit of the economy.en_US
dc.publisherUniv. of Utah, Dep. of Economics Salt Lake City, Utahen_US
dc.relation.ispartofseriesWorking Paper, University of Utah, Department of Economics 2010-07en_US
dc.subject.keywordHistory of Macroeconomic Thoughten_US
dc.subject.keywordMacroeconomic Modelsen_US
dc.subject.stwNeukeynesianische Makroökonomiken_US
dc.titleKeynes after Sraffa and Kaldor: Effective demand, accumulation and productivity growthen_US
dc.typeWorking Paperen_US
Appears in Collections:Department of Economics Working Paper Series, University of Utah

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