Mark Setterfield | The New School University (original) (raw)
Papers by Mark Setterfield
ACM Transactions on Autonomous and Adaptive Systems, 2009
European Journal of Economics and Economic Policies: Intervention, 2010
Metroeconomica, Jan 1, 2007
Review of Political Economy, 2010
Skip to content. Taylor & Francis Online: Librarians; Authors & Editors; Societies. Register; Sig... more Skip to content. Taylor & Francis Online: Librarians; Authors & Editors; Societies. Register; Sign in; Mobile. Home; Browse; Products; Redeem a voucher; Shortlist; Shopping Cart Cart. The online platform for Taylor & Francis Group content. Search. Advanced Search Within current journal Entire site. Home > List of Issues > Table of Contents > A Note of Thanks. Browse journal. View all volumes and issues. Current issue. Most read articles. Most cited articles. Authors and submissions. Instructions for authors. Subscribe. Journal information. About this journal ...
Cambridge Journal of Economics, 2009
Review of Income and Wealth, 1993
Most economists have their favourite "stylized facts" about growth. Two, however, seem incontrove... more Most economists have their favourite "stylized facts" about growth. Two, however, seem incontrovertible: First, growth rates in capitalist economies vary over time; and second, growth rates vary between capitalist economies at any given point in time. Ostensibly, it is these facts that concern Lazonick in Competitive Advantage on the Shopfloor, and Grossman and Helpman in Innovation and Growth in the Global Economy. Both books contribute to the literature on the long run growth and development dynamics of capitalist economies, although their methodologies and emphases differ substantially.
Cambridge Journal of Economics, 1997
A model of cumulative causation is developed and the limits of this model as a characterization o... more A model of cumulative causation is developed and the limits of this model as a characterization of 'historical' rather than 'equilibrium' long-run growth outcomes are discussed. An extension of the model, which postulates that cumulative causation occurs in the context of technological and institutional regimes, is proposed. Outcomes in the extended model are shown to be more influenced by history than those in the original model. The extended model also addresses a number of recent criticisms of cumulative causation. Copyright 1997 by Oxford University Press.
Microeconomics, Macroeconomics and Economic Policy, 2011
Throughout his career, Malcolm Sawyer has both encouraged and contributed to the development of a... more Throughout his career, Malcolm Sawyer has both encouraged and contributed to the development of a Kaleckian alternative to conventional macroeconomic theory. In the spirit of this endeavour, we construct a Keynes-Kalecki model of cyclical growth with agent-based features. Our model is driven by heterogeneous firms who, confronting an environment of fundamental uncertainty, revise their "state of long run expectations" in response to recent events. Model simulations generate fluctuations in the rate of growth that are aperiodic and of variable amplitude. We also study the size distribution of firms resulting from our simulations, finding evidence of a power law distribution that we have no reason to anticipate from the basic structure of our model. Finally, we reflect on the potential advantages of combining aggregate structural modelling with some of the methods and practices of agent-based computational economics.
International Journal of Political Economy, 2006
... E iD Π = Π − where ΠE denotes nominal enterprise profits, Π denotes nominal gross profits and... more ... E iD Π = Π − where ΠE denotes nominal enterprise profits, Π denotes nominal gross profits and iD denotes debt-servicing payments to rentiers (the nominal interest rate, i, multiplied by the nominal stock of debt, D). Deflating by the price level, we arrive at: ... rentier households. ...
Models of Balance of Payments Constrained Growth, 2012
This paper contemplates the robustness of Thirlwall's Law, a parsimonious expression that relates... more This paper contemplates the robustness of Thirlwall's Law, a parsimonious expression that relates long run equilibrium growth in any one region to the product of world income growth and the ratio of the income elasticities of demand for exports and imports. Various extensions of the balance-of-payments-constrained growth model from which Thirlwall's Law is derived are contemplated. In each case, Thirlwall's Law is shown to reassert itself as a good approximation of the equilibrium growth rate. It is hypothesized that this robustness helps explain the widespread empirical success of Thirlwall's Law.
Cambridge Journal of Economics, May 1, 1997
A model of cumulative causation is developed and the limits of this model as a characterization o... more A model of cumulative causation is developed and the limits of this model as a characterization of 'historical' rather than 'equilibrium' long-run growth outcomes are discussed. An extension of the model, which postulates that cumulative causation occurs in the context of technological and institutional regimes, is proposed. Outcomes in the extended model are shown to be more influenced by history than those in the original model. The extended model also addresses a number of recent criticisms of cumulative causation. Copyright 1997 by Oxford University Press.
Macroeconomic Theory and Macroeconomic Pedagogy, 2009
This paper provides a critical survey of the now burgeoning literature on the spatial application... more This paper provides a critical survey of the now burgeoning literature on the spatial application of endogenous growth theory. Attention is paid both to the (mainly North American) "new economics of urban and regional growth" literature, and to European literature that has focused on questions of convergence and the estimation of the Verdoorn law. The paper then identifies potentially fruitful
Http Dx Doi Org 10 1080 0269217032000118729, Jul 21, 2010
This paper identifies two competing accounts of recent US macroeconomic performance, both of whic... more This paper identifies two competing accounts of recent US macroeconomic performance, both of which are capable of explaining the concurrence of low unemployment and low inflation experienced by the US after 1995. Econometric evidence provides partial support for both views, establishing that while there has been no change in the position of the long run Phillips curve in the US
Review of Keynesian Economics, Apr 1, 2013
Recent Kaldorian growth models emphasize the need to reconcile the demand-led actual rate of grow... more Recent Kaldorian growth models emphasize the need to reconcile the demand-led actual rate of growth and the potential rate of growth. This issue is revisited in light of criticism suggesting it is a "red herring". An explicit model of the supply side is used to show that, in a mature economy, it is unlikely that steady-state, demand-led growth will always be automatically accommodated by the supply side. The conclusion reached is that attention must, therefore, be paid to the possible emergence of supply constraints on growth, and the implications thereof for steady-state, demand-led growth models.
European Journal of Economics and Economic Policies Intervention, Nov 1, 2011
This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrod... more This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrodynamics. A synthetic Post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path dependent in the Post-Keynesian tradition. Recent developments in neoclassical endogenous growth theory are then discussed, with a view to highlighting the sense in which these developments encroach on the Post-Keynesian treatment of growth as demand-led and path-dependent. Finally, the paper reflects on the pros and cons of these neoclassical developments for the future of Post-Keynesian macrodynamics.
Cambridge Journal of Economics, 2001
Http Dx Doi Org 10 1080 00220485 2014 889967, Apr 14, 2014
ACM Transactions on Autonomous and Adaptive Systems, 2009
European Journal of Economics and Economic Policies: Intervention, 2010
Metroeconomica, Jan 1, 2007
Review of Political Economy, 2010
Skip to content. Taylor & Francis Online: Librarians; Authors & Editors; Societies. Register; Sig... more Skip to content. Taylor & Francis Online: Librarians; Authors & Editors; Societies. Register; Sign in; Mobile. Home; Browse; Products; Redeem a voucher; Shortlist; Shopping Cart Cart. The online platform for Taylor & Francis Group content. Search. Advanced Search Within current journal Entire site. Home > List of Issues > Table of Contents > A Note of Thanks. Browse journal. View all volumes and issues. Current issue. Most read articles. Most cited articles. Authors and submissions. Instructions for authors. Subscribe. Journal information. About this journal ...
Cambridge Journal of Economics, 2009
Review of Income and Wealth, 1993
Most economists have their favourite "stylized facts" about growth. Two, however, seem incontrove... more Most economists have their favourite "stylized facts" about growth. Two, however, seem incontrovertible: First, growth rates in capitalist economies vary over time; and second, growth rates vary between capitalist economies at any given point in time. Ostensibly, it is these facts that concern Lazonick in Competitive Advantage on the Shopfloor, and Grossman and Helpman in Innovation and Growth in the Global Economy. Both books contribute to the literature on the long run growth and development dynamics of capitalist economies, although their methodologies and emphases differ substantially.
Cambridge Journal of Economics, 1997
A model of cumulative causation is developed and the limits of this model as a characterization o... more A model of cumulative causation is developed and the limits of this model as a characterization of 'historical' rather than 'equilibrium' long-run growth outcomes are discussed. An extension of the model, which postulates that cumulative causation occurs in the context of technological and institutional regimes, is proposed. Outcomes in the extended model are shown to be more influenced by history than those in the original model. The extended model also addresses a number of recent criticisms of cumulative causation. Copyright 1997 by Oxford University Press.
Microeconomics, Macroeconomics and Economic Policy, 2011
Throughout his career, Malcolm Sawyer has both encouraged and contributed to the development of a... more Throughout his career, Malcolm Sawyer has both encouraged and contributed to the development of a Kaleckian alternative to conventional macroeconomic theory. In the spirit of this endeavour, we construct a Keynes-Kalecki model of cyclical growth with agent-based features. Our model is driven by heterogeneous firms who, confronting an environment of fundamental uncertainty, revise their "state of long run expectations" in response to recent events. Model simulations generate fluctuations in the rate of growth that are aperiodic and of variable amplitude. We also study the size distribution of firms resulting from our simulations, finding evidence of a power law distribution that we have no reason to anticipate from the basic structure of our model. Finally, we reflect on the potential advantages of combining aggregate structural modelling with some of the methods and practices of agent-based computational economics.
International Journal of Political Economy, 2006
... E iD Π = Π − where ΠE denotes nominal enterprise profits, Π denotes nominal gross profits and... more ... E iD Π = Π − where ΠE denotes nominal enterprise profits, Π denotes nominal gross profits and iD denotes debt-servicing payments to rentiers (the nominal interest rate, i, multiplied by the nominal stock of debt, D). Deflating by the price level, we arrive at: ... rentier households. ...
Models of Balance of Payments Constrained Growth, 2012
This paper contemplates the robustness of Thirlwall's Law, a parsimonious expression that relates... more This paper contemplates the robustness of Thirlwall's Law, a parsimonious expression that relates long run equilibrium growth in any one region to the product of world income growth and the ratio of the income elasticities of demand for exports and imports. Various extensions of the balance-of-payments-constrained growth model from which Thirlwall's Law is derived are contemplated. In each case, Thirlwall's Law is shown to reassert itself as a good approximation of the equilibrium growth rate. It is hypothesized that this robustness helps explain the widespread empirical success of Thirlwall's Law.
Cambridge Journal of Economics, May 1, 1997
A model of cumulative causation is developed and the limits of this model as a characterization o... more A model of cumulative causation is developed and the limits of this model as a characterization of 'historical' rather than 'equilibrium' long-run growth outcomes are discussed. An extension of the model, which postulates that cumulative causation occurs in the context of technological and institutional regimes, is proposed. Outcomes in the extended model are shown to be more influenced by history than those in the original model. The extended model also addresses a number of recent criticisms of cumulative causation. Copyright 1997 by Oxford University Press.
Macroeconomic Theory and Macroeconomic Pedagogy, 2009
This paper provides a critical survey of the now burgeoning literature on the spatial application... more This paper provides a critical survey of the now burgeoning literature on the spatial application of endogenous growth theory. Attention is paid both to the (mainly North American) "new economics of urban and regional growth" literature, and to European literature that has focused on questions of convergence and the estimation of the Verdoorn law. The paper then identifies potentially fruitful
Http Dx Doi Org 10 1080 0269217032000118729, Jul 21, 2010
This paper identifies two competing accounts of recent US macroeconomic performance, both of whic... more This paper identifies two competing accounts of recent US macroeconomic performance, both of which are capable of explaining the concurrence of low unemployment and low inflation experienced by the US after 1995. Econometric evidence provides partial support for both views, establishing that while there has been no change in the position of the long run Phillips curve in the US
Review of Keynesian Economics, Apr 1, 2013
Recent Kaldorian growth models emphasize the need to reconcile the demand-led actual rate of grow... more Recent Kaldorian growth models emphasize the need to reconcile the demand-led actual rate of growth and the potential rate of growth. This issue is revisited in light of criticism suggesting it is a "red herring". An explicit model of the supply side is used to show that, in a mature economy, it is unlikely that steady-state, demand-led growth will always be automatically accommodated by the supply side. The conclusion reached is that attention must, therefore, be paid to the possible emergence of supply constraints on growth, and the implications thereof for steady-state, demand-led growth models.
European Journal of Economics and Economic Policies Intervention, Nov 1, 2011
This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrod... more This paper discusses the treatment of growth as a path-dependent process in Post-Keynesian macrodynamics. A synthetic Post-Keynesian growth model is used to demonstrate the ways in which growth can be described as path dependent in the Post-Keynesian tradition. Recent developments in neoclassical endogenous growth theory are then discussed, with a view to highlighting the sense in which these developments encroach on the Post-Keynesian treatment of growth as demand-led and path-dependent. Finally, the paper reflects on the pros and cons of these neoclassical developments for the future of Post-Keynesian macrodynamics.
Cambridge Journal of Economics, 2001
Http Dx Doi Org 10 1080 00220485 2014 889967, Apr 14, 2014