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Comparative Growth Dynamics in a Discrete-time Marxian Circuit of Capital Model

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dc.contributor.authorBasu, Deepankar
dc.contributor.departmentUniversity of Massachusetts Amherst
dc.date2023-09-23T07:28:31.000
dc.date.accessioned2024-04-26T16:30:12Z
dc.date.available2024-04-26T16:30:12Z
dc.date.issued2011-06-01
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.
dc.identifier.doihttps://doi.org/10.7275/3317873
dc.identifier.urihttps://hdl.handle.net/20.500.14394/22087
dc.relation.urlhttps://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1119&context=econ_workingpaper&unstamped=1
dc.source.issue2011-12
dc.source.statuspublished
dc.subjectcircuit of capital
dc.subjecteconomic growth
dc.subjectconsumption credit
dc.subjectMarxian political economy.
dc.subjectEconomics
dc.titleComparative Growth Dynamics in a Discrete-time Marxian Circuit of Capital Model
dc.typearticle
dc.typearticle
digcom.contributor.authorisAuthorOfPublication|email:dbasu@econs.umass.edu|institution:University of Massachusetts Amherst|Basu, Deepankar
digcom.identifierecon_workingpaper/120
digcom.identifier.contextkey3317873
digcom.identifier.submissionpathecon_workingpaper/120
dspace.entity.typePublication
relation.isAuthorOfPublication43cb2d2a-4fa2-45e3-a5a0-746b6aad6849
relation.isAuthorOfPublication.latestForDiscovery43cb2d2a-4fa2-45e3-a5a0-746b6aad6849
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