Neoclassical Growth Theory and Heterodox Growth Theory: Opportunities For (and Obstacles To) Greater Engagement

摘要

This article explores the possibilities for greater engagement between neoclassical and heterodox growth theorists. Simple structural models are used to identify the essential "mechanics" of the growth process in both the neoclassical and heterodox traditions, and these are shown to point to important areas of theoretical overlap and even observational equivalence. In particular, the interaction of trend and cycle - and more specifically, the influence of demand on long-run growth - is identified as an emerging "common front" in growth theory. Rhetorical and sociological obstacles to greater engagement are identified, but it is argued that these should not be allowed to thwart profitable interactions among researchers from different traditions.