Consumption and Economic Growth in the Framework of Classical Economics (original) (raw)
1. Introduction 10 2. Cantillon 2.1 Introduction 16 2.2 Equilibrium prices and income distribution 2.3 Consumption and activity levels 2.4 Conclusion 3. Quesnay 29 3.1 Introduction 29 3.2 Bon prix and income distribution: the indeterminateness of profits 31 3.3 Sectoral quantity dynamics 3.4 Consumption propensities and activity levels 3.5 Conclusion 4. Turgot 42 6. Smith 68 6.1 Introduction 68 6.2 Natural prices and income distribution 70 6.3 Growth dynamics 6.4 Consumption and economic growth 78 6.5 Conclusion 7. Ricardo 82 7.1 Introduction 82 7.2 Theory of value and distribution 84 7.3 Theory of economic growth 90 7.4 The apparent irrelevance of demand 95 7.5 Conclusion 8. Sismondi 101 8.1 Introduction 8.2 Theory of value and distribution 8.3 Theory of economic growth 8.4 Consumption and economic growth 111 8.5 Conclusion 9. Malthus 9.1 Introduction 9.2 Theory of value and distribution 8 9.3 Theory of economic growth 126 9.4 Consumption and economic growth 9.5 Conclusion 135 10. Marx 10.1 Introduction 137 10.2 Theory of value and distribution 139 10.3 Theory of economic growth 143 10.4 The problem of demand deficiency 10.5 Conclusion 154 11. Kalecki and Classical Economics 11.1 Consumption demand and classical growth theory 156 11.2 Marx-Luxemburg-Kalecki 11.3 Kalecki, Keynes and classical economics 168 11.4 Conclusion: demand-led growth 12. Consumption and Demand-led Growth 180 12.1 A simple growth model 12.2 Growth through autonomous consumption 12.3 Demand-led growth and classical economics 191 13. Conclusion 198
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