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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.publisher|aUniv. of Massachusetts, Dep. of Economics |cAmherst, Mass.en_US
dc.relation.ispartofseries|aWorking Paper, University of Massachusetts, Department of Economics |x2011-12en_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

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