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Marcelo Diamand’s contributions to economic theory through the lens of the classical Keynesian approach: a formal representation of unbalanced productive structures

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  • Ariel Dvoskin
  • Germán David Feldman

Abstract

We examine both conceptually and in formal terms the contributions by the structuralist economist Marcelo Diamand, which all revolve around the notion of unbalanced productive structure, and its implications on income distribution, the general price level, and output dynamics in Latin American countries, with a special focus on Argentina. We argue that Diamand’s work provides a very useful framework to understand why institutionally and historically determined real wage and real exchange rates can, on the one hand, explain the relatively low productivity of the industrial sector and, on the other hand, cause devaluations to be both inflationary and contractionary, as has been the case in many Latin American countries that attempted to initiate an industrialization process by import substitution.

Suggested Citation

  • Ariel Dvoskin & Germán David Feldman, 2015. "Marcelo Diamand’s contributions to economic theory through the lens of the classical Keynesian approach: a formal representation of unbalanced productive structures," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 38(2), pages 218-250, October.
  • Handle: RePEc:mes:postke:v:38:y:2015:i:2:p:218-250
    DOI: 10.1080/01603477.2015.1077143
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    References listed on IDEAS

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    1. Fabio Petri, 2004. "General Equilibrium, Capital and Macroeconomics," Books, Edward Elgar Publishing, number 3438.
    2. Prebisch, Raúl, 1950. "The economic development of Latin America and its principal problems," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 29973, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
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    Cited by:

    1. Ariel Dvoskin & Germán David Feldman, 2018. "A formal assessment of new-developmentalist theory and policy," Brazilian Journal of Political Economy, Center of Political Economy, vol. 38(3), pages 395-413.
    2. de Souza, João Paulo A. & Gómez-Ramírez, Leopoldo, 2018. "The paradox of Mexico's export boom without growth: A demand-side explanation," Structural Change and Economic Dynamics, Elsevier, vol. 47(C), pages 96-113.

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