Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model

After Harrod and Domar independently developed a dynamic Keynesian circular flow model to illustrate the instability of a growing economy, mainstream economists quickly reduced their model to a supply side-only growth model, which they subsequently rejected as too simplistic and replaced with Solow’...

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Autor principal:	Hendrik Van den Berg
Formato:	article
Lenguaje:	DE EN FR
Publicado:	Editura ASE Bucuresti 2013
Materias:	Paradigm Macroeconomics Mainstream Schumpeter Solow Economics as a science HB71-74
Acceso en línea:	https://doaj.org/article/1dcf178978514718abbde0ef34c2a6cc
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spelling	oai:doaj.org-article:1dcf178978514718abbde0ef34c2a6cc2021-12-02T05:56:33ZGrowth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model1843-22981844-8208https://doaj.org/article/1dcf178978514718abbde0ef34c2a6cc2013-11-01T00:00:00Zhttp://www.jpe.ro/pdf.php?id=4995https://doaj.org/toc/1843-2298https://doaj.org/toc/1844-8208After Harrod and Domar independently developed a dynamic Keynesian circular flow model to illustrate the instability of a growing economy, mainstream economists quickly reduced their model to a supply side-only growth model, which they subsequently rejected as too simplistic and replaced with Solow’s neoclassical growth model. The rejection process of first diminishing the model and then replaced it with a neoclassical alternative was similar to how the full Keynesian macroeconomic paradigm was diminished into IS-LM analysis and then replaced by a simplistic neoclassical framework that largely ignored the demand side of the economy. Furthermore, subsequent work by mainstream economists has resulted in a logically inconsistent framework for analyzing economic growth; the popular endogenous growth models, which use Schumpeter’s concept of profit-driven creative destruction to explain the technological change that Solow left as exogenous, are not logically compatible with the Solow model. Hendrik Van den BergEditura ASE BucurestiarticleParadigmMacroeconomicsMainstreamSchumpeterSolowEconomics as a scienceHB71-74DEENFRJournal of Philosophical Economics, Vol VII, Iss 1 (2013)
institution	DOAJ
collection	DOAJ
language	DE EN FR
topic	Paradigm Macroeconomics Mainstream Schumpeter Solow Economics as a science HB71-74
spellingShingle	Paradigm Macroeconomics Mainstream Schumpeter Solow Economics as a science HB71-74 Hendrik Van den Berg Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model
description	After Harrod and Domar independently developed a dynamic Keynesian circular flow model to illustrate the instability of a growing economy, mainstream economists quickly reduced their model to a supply side-only growth model, which they subsequently rejected as too simplistic and replaced with Solow’s neoclassical growth model. The rejection process of first diminishing the model and then replaced it with a neoclassical alternative was similar to how the full Keynesian macroeconomic paradigm was diminished into IS-LM analysis and then replaced by a simplistic neoclassical framework that largely ignored the demand side of the economy. Furthermore, subsequent work by mainstream economists has resulted in a logically inconsistent framework for analyzing economic growth; the popular endogenous growth models, which use Schumpeter’s concept of profit-driven creative destruction to explain the technological change that Solow left as exogenous, are not logically compatible with the Solow model.
format	article
author	Hendrik Van den Berg
author_facet	Hendrik Van den Berg
author_sort	Hendrik Van den Berg
title	Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model
title_short	Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model
title_full	Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model
title_fullStr	Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model
title_full_unstemmed	Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model
title_sort	growth theory after keynes, part i: the unfortunate suppression of the harrod-domar model
publisher	Editura ASE Bucuresti
publishDate	2013
url	https://doaj.org/article/1dcf178978514718abbde0ef34c2a6cc
work_keys_str_mv	AT hendrikvandenberg growththeoryafterkeynespartitheunfortunatesuppressionoftheharroddomarmodel
_version_	1718400096608976896

Growth theory after Keynes, part I: the unfortunate suppression of the Harrod-Domar model

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