Working Paper No. 567 | June 2009

Revisiting (and Connecting) Marglin-Bhaduri and Minsky

An SFC Look at Financialization and Profit-led Growth

Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. The authors of this new working paper suggest (1) that this strategy is potentially misleading, and (2) that the stock-flow consistent (SFC) approach, while providing a general framework that may facilitate dialogue among those currents, is particularly well suited to all those who think that macroeconomic models may illuminate historical quests.

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