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The growth imperative revisited: a rejoinder to Gilányi and Johnson

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  • Mathias Binswanger

Abstract

In Binswanger (2009) it was shown that in a simple circular flow model of a pure credit economy, positive growth rates are necessary in the long run in order to enable firms to make profits in the aggregate. If the growth rate falls below a certain positive threshold level, firms will make losses. Certain aspects of this model are challenged by the papers of Zsolt Gilányi and Reeves Johnson in this issue of the Journal But nevertheless, both papers confirm the existence of a growth imperative in capitalist economies. This may be taken as evidence that the finding of a growth imperative is quite robust with respect to different model assumptions.

Suggested Citation

  • Mathias Binswanger, 2015. "The growth imperative revisited: a rejoinder to Gilányi and Johnson," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 37(4), pages 648-660, May.
    • Handle: RePEc:mes:postke:v:37:y:2015:i:4:p:648-660
    DOI: 10.1080/01603477.2015.1050333
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    Cited by:

    1. Tim Jackson & Peter Victor & Ali Asjad Naqvi, 2016. "Towards a Stock-Flow Consistent Ecological Macroeconomics. WWWforEurope Working Paper No. 114," WIFO Studies, WIFO, number 58788.
    2. Richters, Oliver & Siemoneit, Andreas, 2019. "Wachstumszwang – eine Übersicht," ZOE Discussion Papers 3, ZOE. institute for future-fit economies, Bonn.
    3. Richters, Oliver & Siemoneit, Andreas, 2017. "Fear of stagnation? A review on growth imperatives," VÖÖ Discussion Papers 6/2017, Vereinigung für Ökologische Ökonomie e.V. (VÖÖ).
    4. Eckhard Hein & Valeria Jimenez, 2022. "The macroeconomic implications of zero growth: a post-Keynesian approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 19(1), pages 41-60, April.
    5. Richters, Oliver & Siemoneit, Andreas, 2017. "Consistency and stability analysis of models of a monetary growth imperative," Ecological Economics, Elsevier, vol. 136(C), pages 114-125.

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