This paper contemplates the robustness of Thirlwall's Law, a parsimonious expression that relates long run equilibrium growth in any one region to the product of world income growth and the ratio of the income elasticities of demand for exports and imports. Various extensions of the...

Recent Kaldorian growth models emphasize the need to reconcile the demand-led actual rate of growth and the potential rate of growth. This issue is revisited in light of criticism suggesting it is a ‘red herring’. An explicit model of the supply side is used to show that, in a...

This paper contemplates the robustness of Thirlwall’s Law, a parsimonious expression that relates long run equilibrium growth in any one region to the product of world income growth and the ratio of the income elasticities of demand for exports and imports. Various extensions of the...

Recent Kaldorian growth models emphasize the need to reconcile the demand-led actual rate of growth and the potential rate of growth. This issue is revisited in light of criticism suggesting it is a “red herring”. An explicit model of the supply side is used to show that, in a mature...

This chapter explores the Kaldorian approach to endogenous growth theory. The central principles of this approach are explored, including the claims that growth is: (a) demandled, with trade playing a central role in aggregate demand formation; and (b) pathdependent. It is shown that both the...

We model US household debt accumulation during the neoliberal boom as a response to emulation effects and the decline of the social wage, which has "privatized" an increasing share of the costs of providing for services such as health and education. The debt dynamics of the US economy are then...

We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance. A Kaleckian growth model is modified to incorporate working households who borrow to finance consumption that is determined, in part, by the desire to emulate the...

We develop a neo-Kaleckian growth model that emphasizes the importance of consumption behavior. In our model, workers first make consumption decisions based on their gross income, and then treat debt servicing commitments as a substitute for saving. Workers' borrowing is induced by their desire...

We investigate the claim that the way in which debtor households service their debts matters for macroeconomic performance. A standard Kaleckian growth model is modiifed to incorporate working households who borrow to finance consumption that is determined, in part, by the desire to emulate the...

We first show that, with a Kaleckian structure that is consistent with Pasinetti (1962), the relationship between distribution and growth is more robust than conventional wisdom suggests. Next, we extend our model by incorporating borrowing and emulation effects into workers' consumption...