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The Marx-Keynes-Schumpeter System, Part I: Long Waves and Short Cycles in the Capitalist Growth Record

In: Capitalism, Inclusive Growth, and Social Protection

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Abstract

Chapter 1 examines the growth record with a view to establishing two persistent patterns of fluctuations in this record. At low frequency, fluctuations in growth of 40-50 years duration are identified. These long waves are associated with the rise and decline of successive ‘phases of growth’ that are, in turn, the product of both institutional and technological fac- tors. Meanwhile, at higher frequency, the growth record is shown to be consistent with the ‘Goodwin pattern’ - short-cycles of roughly 8-15 years duration associated with a clockwise rotation in wage share × real activity space. The Goodwin pattern draws attention to the centrality of distributional conflict in capitalism (and the historical contingency thereof), reaffirming the centrality of such conflict to capitalist macrodynamics.

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  • ., 2023. "The Marx-Keynes-Schumpeter System, Part I: Long Waves and Short Cycles in the Capitalist Growth Record," Chapters, in: Capitalism, Inclusive Growth, and Social Protection, chapter 1, pages 21-46, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17445_1
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    File URL: https://www.elgaronline.com/doi/10.4337/9781786433077.00010
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    Economics and Finance;

    Statistics

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