Path Dependency and Macroeconomics by Philip Arestis, Malcolm Sawyer (eds.)

By Philip Arestis, Malcolm Sawyer (eds.)

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2, pp. 113–35. I. (2002), ‘Keynesian Macroeconomics and the Theory of Economic Growth: Putting Aggregate Demand Back in the Picture’, in M. ), The Economics of Demand-led Growth: Challenging the Supply-side Version of the Long Run, Cheltenham: Edward Elgar. S. (2007), ‘Introduction’, to Frydman and Goldberg (2007). Pierson, P. (2000), ‘Increasing Returns, Path Dependence, and the Study of Politics’, American Political Science Review, vol. 94, no. 2, pp. 251–67. Sawyer, M. (1982), Macroeconomics in Question, Brighton: Harvester-Wheatsheaf.

When the growth path is already set, as in the neoclassical growth model, then the growth of the capital stock, which is of course equal to net investment, has to move towards that growth rate. The Keynesian approach to investment involves ‘the state of expectations’ and in that sense is forward looking. But perceptions of the future are much moulded by present and past experience. There are elements of adaptive expectations with regard to key variables such as profitability and growth prospects.

The Keynesian approach to investment involves ‘the state of expectations’ and in that sense is forward looking. But perceptions of the future are much moulded by present and past experience. There are elements of adaptive expectations with regard to key variables such as profitability and growth prospects. In this chapter we wish to draw attention to some aspects of investment and capital formation for the supply side of the economy. Investment in many respects links together the demand side and the supply side of the economy in the sense that investment is a major component of aggregate demand and investment is capital accumulation influencing the development of the supply side of the economy.

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