The growth imperative revisited: a rejoinder to Gilányi and Johnson
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Authors
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Publication date
2015
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01A - Journal article
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Journal of Post Keynesian Economics
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Volume
37
Issue / Number
4
Pages / Duration
648-660
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Publisher / Publishing institution
Taylor & Francis
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Abstract
In Binswanger (2009) it was shown that in a simple circular flow
model of a pure credit economy, positive growth rates are necessary in
the long run in order to enable firms to make profits in the aggregate. If
the growth rate falls below a certain positive threshold level, firms will make
losses. Certain aspects of this model are challenged by the papers of Zsolt
Gilányi and Reeves Johnson in this issue of the Journal But nevertheless,
both papers confirm the existence of a growth imperative in capitalist
economies. This may be taken as evidence that the finding of a growth
imperative is quite robust with respect to different model assumptions.
Keywords
bank money, credit, growth, profits
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ISBN
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0160-3477
1557-7821
1557-7821
Language
English
Created during FHNW affiliation
Yes
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Publication status
Published
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Peer review of the complete publication
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Citation
Binswanger, M. (2015). The growth imperative revisited: a rejoinder to Gilányi and Johnson. Journal of Post Keynesian Economics, 37(4), 648–660. https://doi.org/10.1080/01603477.2015.1050333