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The post-Keynesian FMM Working Paper

government-led semi-autonomous demand growth: The post-Keynesian "crowding-in" policy meme

A recent literature has explored the role of semi-autonomous demand growth. This paper builds on the literature by incorporating a Lernerian government semi-autonomous demand function and an endogenous supply-side. Our main purpose is threefold. First, we wish to contribute to the case for crowding-in effects, especially in the long-run. Second, we confirm the Keynesian/Kaleckian pedigree of the capital stock adjustment principle. Third, we contrast core post-Keynesian ideas on demand-led supply-side endogeneity with the alternative neo-Marxian neo-Harrodian proposition of an exogenously-given natural growth rate, and find the latter lacking.

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Fiebiger, Brett: The post-Keynesian "crowding-in" policy meme
FMM Working Paper, 25 Seiten

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