Structural Change and Economic Growth: A Classical/Keynesian Perspective

BRONDINO, GABRIEL

Imperiled Economies

Dollars & Sense

Año: 2018; p. 15 - 24

The central question in growth theory is what are the ultimate determinants of the long-run rate of expansion of the social product of an economy. We will consider an analytical framework that results from juxtaposing the classical theory of prices and distribution and Keynes' theory of effective demand. We highlight the importance of autonomous demand and technical progress for long-run growth and structural change. An empirical analysis based on this framework is conducted for China in the period 1995-2009.