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Post-Keynesian theory, technology policy and long-term growth

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  • Renaud Bellais

    (ENSTA Bretagne_SHS - Département Sciences Humaines et Sociales ENSTA Bretagne - ENSTA Bretagne - École Nationale Supérieure de Techniques Avancées Bretagne)

Abstract

Research and innovation are not addressed as central features in most Post Keynesian models, which integrate technological progress through capital accumulation. Analyzing aggregate demand and unemployment without integrating the impact of research leads to an incomplete understanding of the growth process. This paper aims at integrating the analysis of research in the Post Keynesian approach. Firms' inability to support basic, unfettered research contributes to the instability of capitalism, since it reduces tomorrow's investment opportunities. In a nonergodic world, true and fundamental uncertainty explains why firms choose such a strategy, and why a "comprehensive socialization of investment" is necessary through adequate public policies.

Suggested Citation

  • Renaud Bellais, 2004. "Post-Keynesian theory, technology policy and long-term growth," Post-Print hal-01018524, HAL.
    • Handle: RePEc:hal:journl:hal-01018524
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    Cited by:

    1. repec:dau:papers:123456789/6516 is not listed on IDEAS
    2. Marco A. Crocco, 2008. "Technical Change And Formation Of Expectations," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 276-304, May.
    3. Jim SAWYER, 2008. "The (confusing) role of capital in speculative capitalism—U.S.- style," Working Papers 5, Réseau de Recherche sur l’Innovation. / Research Network on Innovation.

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