According to mainstream growth theory, growth is fundamentally a supply-side phenomenon, without any constraints from the demand side before full capacity utilization is reached. Contrary to conventional wisdom, Thirlwall's alternative theory views economic growth of individual countries to be constrained by demand, which cannot be increased because of the balance-of-payments constraints imposed by their export growth and income elasticity of demand for imports. This is the basis of Thirlwall's alternative approach, which incorporates the problem of effective demand and unemployment, instead of building on the oversimplistic characterization of the supply side by the aggregate production function.

Rights

URN

URN:NBN:SI:DOC-WDEJ8L0N

COBISSID

8992028

Added

16.09.2009

Metadata

Citation

APA:

Knez, Leo (2006). Postkeynesianska teorija endogene rasti. Naše gospodarstvo, volume 52, issue 5/6, str. 94-109. URN:NBN:SI:DOC-WDEJ8L0N from http://www.dlib.si

MLA:

Knez, Leo. "Postkeynesianska teorija endogene rasti." Naše gospodarstvo volume 52. issue 5/6 (2006) str. 94-109.
<http://www.dlib.si/?URN=URN:NBN:SI:DOC-WDEJ8L0N>

Naše gospodarstvo
1955-
(Assembly record)

številka

Naše gospodarstvo
2006
(Complete issue)

Postkeynesianska teorija endogene rasti : vzpostavljanje alternative neoklasični makroekonomski analizi rastiPost-Keynesian theory of endogenous growth : providing an alternative to neoclassical macroeconomic analysis of growth

Postkeynesianska teorija endogene rasti : vzpostavljanje alternative neoklasični makroekonomski analizi rasti
Post-Keynesian theory of endogenous growth : providing an alternative to neoclassical macroeconomic analysis of growth