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Economic growth : a chain-reaction between increases in supply and increases in demand ?

dc.contributor.authorVillemeur, Alain
dc.date.accessioned2011-06-16T08:37:46Z
dc.date.available2011-06-16T08:37:46Z
dc.date.issued2010-12
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/6516
dc.language.isoenen
dc.subjectendogenousen
dc.subjectKeynesen
dc.subjectgrowth modelen
dc.subjectSchumpeteren
dc.subjectUnited Statesen
dc.subjectdistributionen
dc.subjectinnovationen
dc.subject.ddc338.9en
dc.subject.classificationjelO57en
dc.subject.classificationjelO40en
dc.subject.classificationjelO30en
dc.titleEconomic growth : a chain-reaction between increases in supply and increases in demand ?en
dc.typeDocument de travail / Working paper
dc.description.abstractenFor Kaldor (1972), economic growth is the resultant of a chain-reaction between increases in supply and increases in demand. In order to show the interest of this view, I represent this growth process by an entrepreneurial growth model based on the principle of effective demand. The aggregate supply function makes use of Keynes’ and Schumpeter’s complementary views of the entrepreneur’s behavior. The growth process is a process of continuing disequilibrium, but in the long term steady states can be found. They have unexpected theoretical properties : the output growth rate is a linear function of the employment growth rate and of the investment rate (or the saving rate), while the profit share in the income is exactly 1/3. The theoretical lessons turn out to be consistent with the numerous stylized facts listed by Kaldor, Barro and Sala-i-Martin as well as with the realities of the American economy from 1960 to 2000. Those results back up the view of the growth process expressed by Kaldor.en
dc.publisher.nameUniversité Paris-Dauphine
dc.publisher.cityParis
dc.identifier.citationpages21en
dc.relation.ispartofseriestitleWorking Paper Chaire Transitions démographiques transitions économiques
dc.description.sponsorshipprivateouien
dc.subject.ddclabelCroissance et développement économiquesen


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