Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process.

Начала политической экономии и податного обложения = The principles of political economy and taxation

The History of Economic Analysis

We've all had the experience at some time or other of walking through a department store and being amazed at the many different articles we see there. One counter after another filled with this, that, and the other thing-some useful, some of little or no use. Almost every day a new gadget is advertised, electric blankets, or hats that look like chimneys, or a special kind of vitamin tablets. A common reaction of people as they look in shop windows is, "What will they think of next?"This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.

The Accumulation of Capital

Lal Jayawardena: Preface Stephen A. Marglin: Lessons of the golden age: an overview Andrew Glyn, Alan Hughes, Alan Lipietz, & Ajit Singh: The rise and fall of the golden age Gerald Epstein, & Juliet Schor: Macropolicy in the rise and fall of the golden age Stephen A. Marglin & Amit Bhaduri: Profit squeeze and Keynesian theory Samuel Bowles, & Robert Boyer: A wage-led employment regime: income distribution, labour discipline, and aggregate demand in welfare capitalism Bob Rowthorn, & Andrew Glyn: The diversity of unemployment experience since 1973 Masahiko Aoki: A new paradigm of work organization and co-ordination: lessons from Japanese experience.

The golden age of capitalism : reinterpreting the postwar experience

Long period effective demand and the sraffian supermultiplier

The paper presents a simple but complete formal version of the Sraffian supermultiplier model in which (i) growth is led by the autonomous components of demand that do not create capacity; (ii) private productive investment is an induced expenditure; and (iii) income distribution is exogenous. We show that the main results of the long-period and fully adjusted versions of the model in terms of growth rate and level effects are quite similar and therefore that such results in no way require the full adjustment of capacity to demand. We then analyze a simple set of sufficient dynamic local stability conditions that allow the long-period positions to gravitate towards the fully adjusted position in which capacity is adjusted to demand and that also provide the upper limit to demand-led growth paths. Finally, we show how some critics of the model have misinterpreted it as being supply-led and how this has led to a further confusion between the analysis of the tendency towards a constant value of the c...

Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier

Ricardo and Marx saw technological change as a possible cause of long-period unemployment. Neoclassical and Schumpeterian economists regard technological unem ployment as a transitory phenomenon. This paper argues that the capital critique (i) demolishes the neoclassical claim that market mechanisms will restore full employment whenever workers are displaced by technical change, and (ii) rehabilitates the old Ricardian argument that automatic compensation factors are generally absent. The neo-Schumpeterian notion of autonomous investment is also rejected, in favour of the view that, in the long period, all investment is induced. By extending Keynes's theory of effective demand to the long period through a model based on the supermultiplier, this paper suggests that the ultimate engines of growth are located in the autonomous components of effective demand--exports, government spending and autonomous con sumption. Technical change plays a role in the accumulation process through its effects on consumption ...

Technical Change, Effective Demand and Employment

This paper looks in detail at the sharp slowdown in the Brazilian economy for the years 2011-2014. We argue that the slowdown is overwhelmingly the result of a sharp decline in domestic demand, rather than a fall in exports and even less any change in external financial conditions. The sharp fall in domestic demand, in turn, is shown to be a result of deliberate policy decisions made by the government and was not necessary, i.e., it was not made in response to some external constraint such as a balance-of-payments problem.

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Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014

Neste trabalho, discutimos algumas caracteristicas peculiares da balanca de pagamentos do pais que emite a moeda-chave em diferentes padroes monetarios internacionais a partir de uma perspectiva sraffiana, na qual a taxa monetaria de juros do pais central e vista como uma variavel independente, determinada institucionalmente. Esta analise breve e esquematica das teorias e experiencias dos padroes monetarios internacionais nos permitira atingir o objetivo principal deste trabalho que e o de apresentar uma caracterizacao simples, porem suficientemente precisa, do atual padrao monetario internacional, que chamamos de “padrao dolar flexivel”.Abstract In this paper we discuss some essential features of the balance of payments position of the country which issues the key currency in different international monetary standards. The analysis is made from a Sraffian standpoint, where the monetary rate of interest of the central country is seen as an independent policy variable, institutionally determined. This brief and schematic analysis of the theories and experiences of the international monetary standards shall allow us to reach the prime aim of this work, which is that of providing a simple but sufficiently precise characterization of the current international monetary standard, that we shall call the “floating dollar standard”. Key words: International monetary system. Floating dollar standard. Exogenous rate of interest

https://www.excedente.org/wp-content/uploads/2014/11/03-Serrano.pdf

Franklin Serrano

Papers

Long period effective demand and the sraffian supermultiplier

Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier

Technical Change, Effective Demand and Employment

Aggregate demand and the slowdown of Brazilian economic growth in 2011-2014

Do ouro imóvel ao dólar flexível