All capitalist economies experience fluctuations in employment and
economic activity around a long-term growth rate. How is this
cyclical pattern of growth to be explained? Are the causes of
fluctuations in output and employment to be found outside the
system or are they intrinsic to the system? Will the long-term
growth rate correspond to the growth of the labour force? It is the
search for answers to these questions which motivates Peter Skott's
analysis. The book develops a theory of dynamic interaction between
three types of agent: firms, households and banks. Firms are
profit-maximisers operating under conditions of imperfect
competition and their production and investment decisions are
influenced by monetary and financial factors as well as by the
state of the labour market. Households hold financial assets,
supply labour and have a direct influence on nominal wage rates.
Banks set interest rates on bank loans and deposits. No assumptions
are made about nominal price rigidities and the capital-output
ratio is determined endogenously. Using a framework of analysis
which is rigorous and which does not exclude traditional
neoclassical mechanisms, this book demonstrates the validity of
important Marxian and Keynesian insights into the growth process.
General
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