The last few decades have witnessed an outpouring of literature on macroeconomic models in the broad ‘heterodox’ tradition of Marx, Keynes, Robinson, Kaldor and Kalecki. These models yield an alternative analytical framework in which the big questions of our day – such as how inequality is related to growth or stagnation, and whether long-run growth is stable or unstable – can be fruitfully addressed. Heterodox Macroeconomics provides an accessible, pedagogically oriented treatment of the leading models and approaches in heterodox macroeconomics with clear, step-by-step presentations of core models and their solutions, properties and implications.
Author(s): Robert A. Blecker, Mark Setterfield
Edition: 1
Publisher: Edward Elgar
Year: 2019
Language: English
Pages: 592
Preface and acknowledgements xiv
Notation guide xix
1 Introduction: competing theories of production, growth and
distribution 1
PART I CORE MODELS OF GROWTH AND DISTRIBUTION
2 Classical-Marxian models 58
3 Neo-Keynesian models 103
4 Neo-Kaleckian models 158
PART II EXTENDED MODELS OF DISTRIBUTIONAL
CONFLICT AND CYCLICAL DYNAMICS
5 Distributional conflict, aggregate demand and neoGoodwin cycles 209
6 Neo-Harrodian models and the Harrodian instability debate 264
7 New directions: wage inequality, rentier income, financial dynamics
and supermultiplier models 318
PART III KALDORIAN APPROACHES: EXPORT-LED
GROWTH AND THE BALANCE-OF-PAYMENTS
CONSTRAINT
8 Export-led growth and cumulative causation 376
9 Balance-of-payments-constrained growth I: Thirlwall’s law and
extensions 425
10 Balance-of-payments-constrained growth II: critiques, alternatives
and syntheses 471
References 519
Index 547
