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The Marx-Keynes-Schumpeter System, Part II: Explaining the Goodwin Pattern

In: Capitalism, Inclusive Growth, and Social Protection

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Abstract

This chapter explores various theories of the Goodwin pattern consistent with either Marxian or Keynesian (that is, supply- or demand-led) visions of the determination of real activity - and with or without the profit squeeze mechanism that is central to most theories of the Goodwin pattern of either Marxian or Keynesian pedigree. These theories include the original Marxian model due to Richard Goodwin, neo-Goodwinian theories that incorporate the principle of effective demand, and quasi- and pseudo-Goodwinian models associated with departures from Goodwin’s original vision that relax either the profit-squeeze mechanism or the interaction of income distribution and real activity as the essential ‘driver’ of high- frequency cycles. The chapter also shows how modifications of the Goodwin pattern can be explained by theoretical nuances consistent with the MKS system, in anticipation of the explanation for events during the 2009-2019 depressed upswing in the US economy that appears later in the book.

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  • ., 2023. "The Marx-Keynes-Schumpeter System, Part II: Explaining the Goodwin Pattern," Chapters, in: Capitalism, Inclusive Growth, and Social Protection, chapter 2, pages 47-80, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17445_2
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    File URL: https://www.elgaronline.com/doi/10.4337/9781786433077.00011
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    Economics and Finance;

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