Growth, distribution and effective demand: an alternative closure
The paper presents an explicitly dynamic version of the Sraffian supermultiplier growth model in order to analyze its equilibrium path, local stability conditions and dynamic behavior in the neighborhood of equilibrium. This analysis is used to address the criticisms to model found in the literature and also to compare the model with the Cambridge and neo-Kaleckian growth models. The comparative inquiry confirms that the model can be considered a theoretical alternative to the Cambridge and neo-Kaleckian growth models in the analysis of the relationship between economic growth, income distribution and effective demand. The specific closure provided by the supermultiplier growth model allows it to generate a demand-led pattern of economic growth characterized by a tendency towards the normal utilization of productive capacity, while considering income distribution exogenously determined by political, historical and economic forces.
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