Chapter 6: Accumulation and capacity
As was briefly mentioned in Chapter 1, one of the objectives of post-Keynesian theory is to combine the classical concerns for growth and distribution with the Keynesian principle of effective demand. Indeed, this was Joan Robinson’s explicit objective in her famous Accumulation of Capital, where she pointed out that her intention was to develop ‘a generalisation of the General Theory, that is, an extension of Keynes’s short-period analysis to long-run development’ (1956, p. vi). Similarly, the aim of the present chapter is to extend to the long period the results of Chapter 5, which were obtained within the framework of the short period, with a focus on the level of employment and the level of output.
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