The Macroeconomic Implications of Consumption: State-of-Art and Prospects for the Heterodox Future Research
Brochier, L. and Macedo e Silva, A.C. (2017). The Macroeconomic Implications of Consumption: State-Of-Art and Prospects for the Heterodox Future Research. Revista Análise Econômica, v.35, edição especial. doi: 10.22456/2176-5456.65689
33 Pages Posted: 20 Dec 2018
Date Written: December 26, 2016
The recent US economic scenario has motivated a series of heterodox papers concerned with household indebtedness and consumption. Though discussing autonomous consumption, most of the theoretical papers rely on private investment-led growth models. An alternative approach is the so-called Sraffian supermultipler model, which treats long-run investment as induced, allowing for the possibility that other final demand components – including consumption – may lead long-run growth. We suggest that the dialogue between these approaches is not only possible but may prove to be quite fruitful.
Keywords: consumption; household debt; growth theories; autonomous expenditures
JEL Classification: B59; E12; E21
Suggested Citation: Suggested Citation