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The Economics of Demand-Led Growth
Challenging the Supply-Side Vision of the Long Run
The Economics of Demand-Led Growth is a collection of specially written essays that develop and apply the theory of demand-led growth. Long-run growth is usually portrayed as a supply-determined process. The contributions to this volume, however, are rooted in the theory of demand-led growth. In addition to general discussions of the role of demand in the long-run, the volume contains essays in the Kaldorian and Kaleckian traditions, and a section on the relationship between demand-led growth and structural change. The conclusion reached is that current neglect of the role of demand in analyses of long-run growth is unwarranted. This book will prove indispensable to academic economists and graduate students in economics for its contributions to the field of macrodynamics and, in particular, its development of non-neoclassical approaches to macrodynamics.
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What Reviewers Are Saying
'Demand-led growth theories call our attention to the powerful effects of factors usually neglected by neoclassical growth economics, including income distribution, institutions, structural change, history, path dependency and demand management policy... Setterfield's Demand-led Growth provides a useful introduction to this literature. It should be on the syllabus of graduate macroeconomics courses; most of the essays are suitable for advanced undergraduates as well.' -- Christopher J. Niggle, Review of Political Economy 'As Keynes noted 65 years ago, the "great puzzle of effective demand" disappeared from economics for a century between Malthus and Keynes. It has recently been in danger of disappearing again. These lucid essays help assure that it will not. They ably summarize growth theory from the demand-side perspective, and in particular, they highlight for a new generation the continuing vital importance of Nicholas Kaldor's ideas.' -- James K. Galbraith, University of Texas, Austin, US