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https://hdl.handle.net/10419/64182
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DC Field | Value | Language |
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dc.contributor.author | Basu, Deepankar | en |
dc.date.accessioned | 2011-09-08 | - |
dc.date.accessioned | 2012-09-25T07:18:15Z | - |
dc.date.available | 2012-09-25T07:18:15Z | - |
dc.date.issued | 2011 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aUniversity of Massachusetts, Department of Economics |cAmherst, MA | en |
dc.relation.ispartofseries | |aWorking Paper |x2011-12 | en |
dc.subject.jel | B51 | en |
dc.subject.jel | O1 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | circuit of capital | en |
dc.subject.keyword | economic growth | en |
dc.subject.keyword | consumption credit | en |
dc.subject.keyword | Marxian political economy | en |
dc.title | Comparative growth dynamics in a discrete-time Marxian circuit of capital model | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 668009055 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:ums:papers:2011-12 | en |
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