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Con Pec 2000; 19:19-32
© 2000 Cambridge Political Economy Society

Article

A note on the theory of demand-led growth

NH Barbosa-Filho

Center for Economic Policy Analysis, New School for Social Research, New York, NY, USA

Abstract

This paper presents a demand-led growth model where an exogenous investment function drives capital accumulation through a Bernoulli differential equation. In such a framework investment generates savings through changes in capacity utilisation and/or income distribution, making economic growth totally demand-led. Taking a Structuralist perspective the model is constructed to be consistent with different Keynesian closures for the investment function, as well as with different assumptions about savings' adjustment to investment.


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