El Viejo Almacen -Bs.As.

Surplus Approach

“Es necesario volver a la economía política de los Fisiócratas, Smith, Ricardo y Marx. Y uno debe proceder en dos direcciones: i) purgar la teoría de todas las dificultades e incongruencias que los economistas clásicos (y Marx) no fueron capaces de superar, y, ii) seguir y desarrollar la relevante y verdadera teoría económica como se vino desarrollando desde “Petty, Cantillón, los Fisiócratas, Smith, Ricardo, Marx”. Este natural y consistente flujo de ideas ha sido repentinamente interrumpido y enterrado debajo de todo, invadido, sumergido y arrasado con la fuerza de una ola marina de economía marginal. Debe ser rescatada."
Luigi Pasinetti


ISSN 1853-0419

Entrada destacada

A 80 años de la "Teoría General" de Keynes ¿El ahorro se puede "canalizar" hacia la inversión?

 por Alejandro Fiorito* Hace unos dias el presidente del BCRA , Adolfo  Sturzenegger afirmó: “ Sustituimos consumo por ahorro”.  ...

10 oct. 2015

The Sraffian Supermultiplier as an Alternative Closure to Heterodox Growth Theory

by Franklin Serrano and Fabio Freitas














ABSTRACT
The paper shows that the Sraffian Supermultiplier model provides an alternative closure for the analysis of the relationships between economic growth, income distribution, capacity utilization and effective demand in heterodox growth models. The new closure comes from the variability of the ratio of the average to the marginal propensity to save (herein called fraction), which is entailed by the assumption of the existence of (an independently growing) autonomous expenditures that do not generate capacity for the private sector. This variability allows the marginal propensity to invest to determine the saving ratio without the need of changes in income distribution. If it is also assumed that changes in the marginal propensity to invest are induced by the competitive need to gradually adjust capacity to demand, this adjustment by means of endogenous changes in the fraction provides a closure that allows us to reconcile demand led growth, exogenous distribution and a tendency towards normal capacity utilization, even across steady states. A comparative analysis points out the distinctive features of this new clousure by contrasting its main results to the ones obtained with the closures associated to both the Cambridge and the Kaleckian growth models.



to read the paper here