Government Deficits, Liquidity Preference, and Schumpeterian Innovation

The Jerome Levy Economics Institute, Working Paper No. 99

37 Pages Posted: 18 Nov 1998  

L. Randall Wray

University of Missouri at Kansas City; Bard College - The Levy Economics Institute

Date Written: October 1993

Abstract

Wray asserts that rigorous analyses of the role played by innovation in economic development must acknowledge the contribution of Joseph Schumpeter. However, the author suggests that the current stagnation confronting most developed, capitalist economies "cannot be understood without synthesizing Schumpeter's insights with those of Kalecki and Keynes." Hence, Schumpeter's work alone is inadequate in explaining the links between government deficits in ensuring aggregate demand and corporate profits.

JEL Classification: E62, O30

Suggested Citation

Wray, L. Randall, Government Deficits, Liquidity Preference, and Schumpeterian Innovation (October 1993). The Jerome Levy Economics Institute, Working Paper No. 99. Available at SSRN: https://ssrn.com/abstract=138646 or http://dx.doi.org/10.2139/ssrn.138646

L. Randall Wray (Contact Author)

University of Missouri at Kansas City ( email )

5100 Rockhill Road
Kansas City, MO 64110-2499
United States

Bard College - The Levy Economics Institute

Blithewood
Annandale-on-Hudson, NY 12504-5000
United States

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