The paper builds a non-linear macrodynamic model to study the relation between the functional distribution of income, technological progress and economic growth. In the short-term, the interaction between the productivity regime, the demand regime and the distributive conflict generates cyclical...

This paper assesses various critiques that have been levelled over the years against Thirlwall's Law and the balance-of-payments constrained growth model. It starts by assessing the criticisms that the law is largely capturing an identity; that the law of one price renders the model incoherent;...

This paper attempts to emphasize the role of the rate of profit on the balance of payments by integrating the Marxian rate of profit with the post-Keynesian balance-of-payments-constrained growth model (Thirlwall’s Law). In this regard, the domestic rate of profit determines the direction...

This paper presents a balance-of-payments (BOP) constrained growth analysis of the long-run growth process in the Central and Eastern European (CEE) countries during the recovery period of transition (1995-2004). The paper tests the BOP-constrained growth model, based on the specification of a...

The main objective of this work is to investigate the theoretical interrelationships between economic growth, the National Innovation System (NIS) and the real exchange rate (RER) in an export-led growth model. Formally, this work presents new changes in the Kaldor-Dixon-Thirlwalĺs model by the...

The aim of this study is to test the existence of balance of a payments constraint on the long run economic growth of the Turkish economy. The balance of payments constrained growth (BPCG) model which was developed by Thirlwall (1979) and extended by Thirlwall and Hussain (1982) is tested over...

This paper examines Nigeria's long run growth path using the externally and internally constrained version of Thirlwall's growth model from 1982 to 2015. The present study modifies the SCA-BOPCG to take into account the effects the foreign contents in exports growth and the domestic investment....