Macrodynamics for a Better Society: The Economics of John Cornwall

Posted: 29 Sep 2009

See all articles by Mark Setterfield

Mark Setterfield

New School for Social Research

A. P. Thirlwall

University of Kent - Canterbury Campus

Date Written: September 28, 2009

Abstract

John Cornwall devoted his career to advancing macroeconomics with a view to improving the societies in which we live. We identify three distinct phases in Cornwall’s mature scholarship, and analyse the substance of each. The first and second phases, devoted to the analysis of growth and inflation, respectively, reveal the three main cornerstones of Cornwall’s macrodynamics: The importance of demand (even in the long run), the importance of institutions, and the path-dependent nature of economic change. The third phase saw Cornwall building on these foundations to develop and refine an evolutionary-Keynesian model of long-run capitalist development.

Keywords: John Cornwall, macrodynamics, institutions, growth, inflation

JEL Classification: B31, E12

Suggested Citation

Setterfield, Mark and Thirlwall, A. P., Macrodynamics for a Better Society: The Economics of John Cornwall (September 28, 2009). Available at SSRN: https://ssrn.com/abstract=1479870

Mark Setterfield (Contact Author)

New School for Social Research ( email )

6 East 16th Street
New York, NY 10003
United States

A. P. Thirlwall

University of Kent - Canterbury Campus ( email )

Keynes College
Canterbury, Kent CT2 7NP
United Kingdom

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