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Growth without normal capacity utilization

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Within the demand-led approach to growth, the long-period tendencies of quantities cannot be effectively studied through theoretical positions entailing normal utilization of capacity. Whether in the form of constant or of average normal utilization, this assumption contradicts the supposed autonomy of aggregate demand. Analysis of the operation of the adjustment of capacity to demand suggests that potentially offsetting forces make fully adjusted positions irrelevant. As quantities cannot be assumed to gravitate towards such positions, the relations between quantity variables determined on the normal utilization hypothesis provide a poor guide to the analysis of reality.
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Keywords: Growth; Keynesian long-period analysis; accumulation; capacity utilization

Document Type: Research Article

Affiliations: Dipartimento di Econnomia, Università di Roma Tre

Publication date: March 1, 2003

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