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Cambridge Journal of Economics Advance Access originally published online on May 3, 2005
Cambridge Journal of Economics 2006 30(1):69-83; doi:10.1093/cje/bei047
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

Endogenous economic growth: a new approach

Amit Bhaduri*

* University of Pavia, Italy

Address for correspondence: Council for Social Development, 53 Lodhi Estate, New Delhi, 11003 India.

Abstract

This new approach incorporates on the demand side the problem of effective demand and unemployment, while rejecting on the supply side the oversimplistic use of a production function, with or without capital–labour substitution. The focus on the adoption and diffusion of labour productivity growth permits viewing supply as being driven endogenously by inter-class conflict over distribution as well as inter-class conflict among rival firms over market shares. The result is a race between growth rates in labour productivity and in the real wage rate, which drives demand and productivity growth on the one hand, while making wage share reasonably constant on the other. The existence and stability properties of the steady state are also examined.

Key Words: Endogenous growth • Technical progress • Effective demand • Market structure • Stability

JEL classifications: B12, B22, D40, E10, E12, L10

Manuscript received September 30, 2003; final version received July 27, 2004.


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