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Revisiting (and Connecting) Marglin-Bhaduri and Minsky--An SFC Look at Financialization and Profit-led Growth

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  • Claudio H. Dos Santos
  • Antonio Carlos Macedo e Silva

Abstract

Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that (1) this strategy is potentially misleading; (2) that the stock-flow consistent (SFC) approach, while providing a general framework that may facilitate the dialogue among those currents, is particularly well suited to all those who think that macroeconomic models may illuminate historical quests; and (3) that the main intuitions may be conveyed through the "benchmark" Post Keynesian SFC model presented by Dos Santos and Zezza (2008), dispensing with the complex computer simulations that are normally employed by SFC authors.

Suggested Citation

  • Claudio H. Dos Santos & Antonio Carlos Macedo e Silva, 2009. "Revisiting (and Connecting) Marglin-Bhaduri and Minsky--An SFC Look at Financialization and Profit-led Growth," Economics Working Paper Archive wp_567, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_567
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    Cited by:

    1. Roberto Veneziani & Luca Zamparelli & Michalis Nikiforos & Gennaro Zezza, 2017. "Stock-Flow Consistent Macroeconomic Models: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1204-1239, December.
    2. Paulo Francisco Do Nascimento & Antonio Carlos Macedo E Silva, 2016. "Financeirização E Crescimento: Alguns Experimentos Stock-Flow Consistent," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 085, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    3. Dimitri B. Papadimitriou & Greg Hannsgen & Gennaro Zezza, 2009. "Sustaining Recovery--Medium-term Prospects and Policies for the U.S. Economy," Economics Strategic Analysis Archive sa_dec_09, Levy Economics Institute.
    4. Jacob Assa, 2017. "Leveraged Growth: Endogenous Money and Speculative Credit in a Stock-flow Consistent Measure of Output," Working Papers 1727, New School for Social Research, Department of Economics.

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