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- W2999215896 abstract "Extending the effective demand theory developed by Otaki [1,2], we construct a demand-driven endogenous growth theory with a rigorous microeconomic foundation. An accelerator-principle investment function is derived by the intertemporal maximization behavior of monopolistic competitive employers. Under this investment function, an economy endogenously begins to expand even if the stability condition for goods markets is satisfied. Three factors determine the equilibrium growth rate: the degree of monopoly (the inverse of the price elasticity of each good) η﹣1, the marginal propensity to saving s, and the Mashallian k that can be manipulated by the government and is denoted by κ. The higher values of η﹣1 and s, and the lower value of κ , the more rapidly the economy expands." @default.
- W2999215896 created "2020-01-23" @default.
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- W2999215896 date "2012-10-05" @default.
- W2999215896 modified "2023-10-01" @default.
- W2999215896 title "A Keynesian endogenous growth theory with a rigorous microeconomic foundation" @default.
- W2999215896 hasPublicationYear "2012" @default.
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