Unbalanced Growth from a Balanced Perspective

The late Carl Chiarella, formerly Professor of Finance and Economics, University of Technology Sydney, Australia, Peter Flaschel, Professor Emeritus, Bielefeld University, Reiner Franke, Department of Economics, University of Kiel, Germany, Ricardo Araujo, Adjunct Professor, University of Brasília, Brazil, Matthieu Charpe, International Labour Organization, Geneva, Switzerland, Christian R. Proaño, Faculty of Social Sciences, Economics and Business Administration, Otto-Friedrich-Universität Bamberg and Andreas Szczutkowski, Bielefeld University, Germany

’This impressive research on unleashed capitalism is a heritage of the fruitful long collaboration between Flaschel and the late Chiarella. Through rigorous macrodynamic modelling they explore unbalanced growth as ruthless conflict between capital and labor, and conclude that only some sort of social capitalism can rescue the world from disastrous capitalism or socially vested administrative despotism.’

• Contents: 1. After the GT: Synthesizing Harrod’s Knife-Edge Growth and Kaldor’s Model of the Trade Cycle Part I Output Expansion, Inflation and Fluctuating Growth from a Supply-Side Angle 2. Keynes-Wicksell-Goodwin Monetary Growth and the Cascade of Stable Matrices Method 3. Output Expansion, Effective Demand and the Conflict about Income Distribution 4. Effective Demand and Real Wage Barriers as Causes of Chronic Inflation 5. The Dynamics of Liquidity / Profit-Rate Cycles With Helmar Nunes Moreira 6. Being Keynesian in the Short Term and Classical in the Long Term. The Traverse to Classical Long-Term Equilibrium Gérard Duménil and Dominique Lévy Part II Firms, Debt and Income Distribution from a Demand-Side Angle 7. Keynes-Metzler-Goodwin (KMG) Model Building. A Baseline Approach to Keynesian Disequilibrium Growth 8. Stock-Flow Consistent Kaleckian Models of Monetary Growth 9. Firms, Asset Markets and Income Distribution: Lance Taylor’s Structuralist Approach With Daniele Tavani 10. Aggregate Demand in Classical-Marxian Growth Models Amitava Dutt 11. A Baseline Model of the Goodwin Marx-Keynes-Schumpeter System Part III The Road Ahead: MKS-type Socio-economic Structures of Capital Accumulation 12. 21th century ‘Capitalism, Socialism and Democracy’ from the historical perspective With Hans-Heinrich Nolte 13. Credit-Driven Investment, Finance and Dual Labor Markets in High-Order Macrodynamics of the MKS type 14. Savings under Uncertainty. A General Model 15. Inflation, Exchange Rate and Opinion Dynamics in a Symmetric Two-Country Framework 16. Harrod/Kaldor-Like Interactions of the Wage/Price-Spiral with Capital Accumulation: Wage-led Marxian Distributive Cycles Index