Unbalanced Growth from a Balanced Perspective

Synthesising Marx’s, Keynes’s and Schumpeter’s theories on wage-price dynamics, effective demand, real innovations and financial markets into a coherent whole, this book goes significantly beyond a consideration of their work in isolation. It focuses on exploring and analysing Goodwin’s integrated Marx-Keynes-Schumpeter system (MKS), approaching this from a historical perspective.

Chapters start from Harrod’s and Kaldor’s work, reconsidering prominent demand- and supply-side approaches to Keynesian macro-dynamics, supplemented by Goodwin’s distributive cycle. The book presents a baseline MKS-type model, considering the rigorous treatment of uncertainty, opinion dynamics, the movement from flexicurity to social capitalism and democracy, and a high-order MKS macro-model.

The exploration of the MKS model from a historical basis will make this a useful book for macroeconomics and history of economics scholars and students. It will also be helpful for those looking at macrodynamics in more depth.

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