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Phil,
Thanks for these. Yes, the problem remains that of equilibrium, full employment assumptions. But, maybe something can be tweaked. My colleague is a pretty smart guy and know the Wynn Godley approach quite well (though it doesn't quite speak to what he's after.)
John
The Cambridge growth theory should be able to generate it... in theory. But I've never seen it done. I think that stuff was dropped after Robinson's "History vs Equilibrium" work when methodology overruled long-term modelling.
But it wouldn't be hard to plug in some distribution figures from Piketty/Saez into a Cambridge equation. But would we good non-ergodic folks accept the result? Especially with that full employment assumption built in...
Beyond that there's Baduri-Marglin but that's just export led stuff.
On Friday, 26 February 2016, Henry, John <[log in to unmask]> wrote:
Colleagues,
I had a question from a Levy associate that I could not readily answer. Perhaps some of you can come to my assistance. Does anyone know of any heterodox types who work on non-neoclassical theories of growth from which long-term predictions can be generated? Most of the literature I know of in this area is either old or deals with sustainability. But, the issue addressed is to develop a reasonable counter to conventional theory(ies) that appears both more reasonable and also usable in forecasting.
Any takers? Many thanks in advance.
John
John F. HenryLevy Economics Institute of Bard CollegeAnnandale-on-HudsonNY 12504
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