Ma missolle, Pablo
A icle
Socie y ma e s: A pos -Keynesian app oach o economic
de elopmen
PSL Qua e ly Re iew
P o ided in Coope a ion wi h:
Associazione Economia ci ile, Rome
Sugges ed Ci a ion: Ma missolle, Pablo (2024) : Socie y ma e s: A pos -Keynesian app oach o
economic de elopmen , PSL Qua e ly Re iew, ISSN 2037-3643, Associazione Economia ci ile, Rome,
Vol. 77, Iss. 310, pp. 351-369,
h ps://doi.o g/10.13133/2037-3643/18654
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ol. 77 n. 310 (Sep embe 2024)
Socie y ma e s: A pos -Keynesian app oach
o economic de elopmen
PABLO MARMISSOLLE*
Abs ac :
This pape discusses me hodological indi idualism and
he pe cei ed “need” o mic o ounda ions in economic
heo y. I a gues ha he pe sis en ocus on
mic o ounda ions has led a la ge pa o he ield o
o e look he complexi y o social in e ac ions, he
ele ance o his o ical p ocesses, and he cha ac e is ics
o each socie y in unde s anding economic g ow h and
de elopmen . The pape sugges ed ocusing on social
ounda ions as an al e na i e o mic o ounda ions ha is
pa icula ly ele an o s udying economic de elopmen
p ocesses. I p oposes aming he pos -Keynesian iew o
demand-led g ow h and dis ibu ion-led g ow h wi hin a
concep ual amewo k o socio-economic de elopmen as
a alid app oach, consis en wi h social ounda ions, o
unde s and a phenomenon as complex and mul i-causal
as de elopmen .
Uni e si y o Valencia (Spain) and Uni e si y o he Republic,
Mon e ideo, (U uguay),
email: pablo.ma missoll[email p o ec ed]
How o ci e his a icle:
Ma missolle P. (2024), “Socie y ma e s: A pos -Keynesian
app oach o economic de elopmen ”, PSL Qua e ly Re iew,
77 (310), pp. 351-379.
DOI: h ps://doi.o g/10.13133/2037-3643/18654
JEL codes:
E12, B40, B50, O11
Keywo ds:
me hodological indi idualism, mic o ounda ions, economic
de elopmen , demand-led g ow h
Jou nal homepage:
h p: //www.pslqua e ly e iew.in o
This essay p oposes an app oach o analysing long- e m economic de elopmen based on social
ounda ions. Fi s , I add ess he issues wi h me hodological indi idualism and he pe cei ed
‘necessi y’ o mic o ounda ions in economic heo y, ques ioning he emphasis on indi idual
beha iou as he ul ima e explana ion o economic phenomena. This pe spec i e o en neglec s
he complex ela ionships and en i onmen s ha accu a ely e lec eali y. I a gue ha he
elen less pu sui o mic o ounda ions has led much o he discipline o o e look he in icacies
o social in e ac ions and he signi icance o his o ical p ocesses and socie al cha ac e is ics in
unde s anding economic g ow h and de elopmen . Following King’s (2012) app oach, I sugges
ha social ounda ions o e a pa icula ly ele an al e na i e o analysing economic
* This pape is based on a icles co-au ho ed wi h Maximiliano P esa in di e en o ma s (con e ence pape s, a icles
in newspape s, and academic blog pos s). I g a e ully acknowledge he commen s ecei ed om Paola Aza , Luis
Bé ola, Ca los Bianchi, Jimena Cas illo, Camilo Ma ínez, Me cedes Menéndez, Ma ía Inés Mo aes, Gab iel Po cile,
Maximiliano P esa, Ca olina Román, Ma k Se e ield and Hen y Willebald.
Funding was p o ided by he U uguayan Agencia Nacional de In es igación e Inno ación (ANII) h ough i s “Becas de
Doc o ado en el Ex e io en Á eas Es a égicas” p og amme, and by he Comisión Sec o ial de In es igación Cien í ica
(CSIC) o he Uni e sidad de la República, h ough i s “Iniciación a la In es igación” p og amme.
Special issue on s uc u al change, social inclusion, and en i onmen al sus ainabili y
352 Socie y ma e s: A pos -Keynesian app oach o economic de elopmen
PSL Qua e ly Re iew
de elopmen p ocesses. Building on his, I p opose aming he pos -Keynesian heo ies o
demand-led and dis ibu ion-led g ow h wi hin a concep ual amewo k o p oxima e,
in e media e, and ul ima e sou ces o g ow h and de elopmen . This app oach, consis en wi h
social ounda ions, p o ides a obus means o unde s anding long- e m economic de elopmen .
The emainde o his pape is o ganised as ollows. Sec ion 1 p esen s he concep ual
amewo k o he p oxima e, in e media e, and ul ima e sou ces o g ow h and de elopmen .
Sec ion 2 summa izes he neo-Kaleckian heo y o g ow h egimes and p oblema izes he Lucas
c i ique. Sec ions 3 and 4 go u he in o he la e , a guing he dogma ic na u e o he need o
mic o ounda ions (sec ion 3) and c i icizing he me hodological indi idualism (sec ion 4) o
mains eam mac oeconomics. Sec ion 5 ollows wi h an app oach iewed as an al e na i e o he
sea ch o mic o ounda ions o heo y: social ounda ions. Sec ion 6 complemen s he p e ious
sec ion by ocusing on he speci ic case o he analysis o g ow h and de elopmen in he long un.
I p oposes he pos -Keynesian heo y o demand-led and dis ibu ion-led g ow h, amed wi hin
a scheme o p oxima e, in e media e, and ul ima e sou ces o g ow h and de elopmen , as an
app oach consis en wi h he social ounda ions o he analysis o de elopmen . Finally, sec ion
7 p esen s he concluding ema ks.
1. De elopmen and g ow h
De elopmen can be unde s ood as a social p ocess ha enables changes aimed a imp o ing
li ing condi ions, bo h ma e ially and cul u ally, and ha in ol es economic, social, and poli ical
ac o s. Two main app oaches can be iden i ied in he li e a u e on de elopmen : he igh agains
po e y and he analysis o long- e m social and economic de elopmen (Szi mai, 2015). The
la e app oach is pa icula ly aluable o examining economic dispa i ies, as i explo es a wide
ange o ac o s ha could explain he di e en de elopmen p ocesses and hei cha ac e is ics.
O cou se, his dis inc ion be ween he “ wo app oaches” is ex emely b oad; he e a e many ways
o unde s anding de elopmen , which a e no necessa ily opposed. De elopmen can be
concei ed as a synonym o economic g ow h, as a synonym o imp o ed social wel a e, as
s uc u al change (Ab amo i z, 1989; Kuzne s, 1966; Pasine i, 1983), as mode niza ion (My dal,
1968), as po e y educ ion (See s, 1979), as sus ainabili y (B und land, 2010), o as eedom
(Sen, 2001). Beyond he deba e abou wha de elopmen is, i could also be deba ed whe he i is
a desi able p ocess o human socie ies: de elopmen may in ol e he des uc ion o adi ional
li es yles, he expansion o capi alis mass cul u e, he exploi a ion o wo ke s, and he
“wes e nisa ion” o he alues o o he socie ies, among o he issues (Szi mai, 2015).
Wi hou del ing in o he deba e on he a o emen ioned c i icisms, i is impo an o highligh
wo poin s: i s , de elopmen is a cos ly p ocess, and, second, he concep o de elopmen has
s ong his o ical speci ici y and e lec s he dominan cul u es and powe s o each his o ical
pe iod (Szi mai, 2015). I seems clea ha he concep o economic de elopmen is no ma i e and
in ol es choices and alues. While concep ualiza ions a y, he e is some consensus ha
p oduc i i y g ow h is a necessa y condi ion o de elopmen , al hough i is clea ly no su icien
o gene a e i .
F om he abo e, i is e iden ha he choice o a concep ual amewo k o analyse
de elopmen p ocesses mus necessa ily conside he complexi y o he concep , i s mul iple
dimensions, and his o ical speci ici ies. In his sense, i is pa icula ly in e es ing o conside
Szi mai’s (2012) app oach, which, mo e han a heo y, should be unde s ood as a way o o de ing
he s udy o de elopmen and i s sou ces. Indeed, a ious pe spec i es and heo e ical
P. Ma missolle 353
PSL Qua e ly Re iew
app oaches can be in eg a ed in o his analysis. This amewo k, de eloped by se e al au ho s
(Ab amo i z, 1986, 1989; Maddison, 1988; Rod ik, 2003; Szi mai, 2012, 2015), p oposes o
analyse which o ces d i e g ow h and de elopmen a he p oxima e, in e media e, and ul ima e
le els o analysis, and o con ibu e o he deba e abou he ela i e ele ance o in e nal and
ex e nal ac o s as d i e s o long- e m g ow h. In his amewo k, ou le els o analysis a e
dis inguished: ul ima e sou ces o g ow h and de elopmen , in e media e sou ces o g ow h and
de elopmen , p oxima e sou ces o economic g ow h, and socio-economic ou comes.
Immedia e o p oxima e sou ces a e hose ha a e di ec ly measu able sou ces o ou pu
g ow h (Szi mai, 2012): disco e y and exploi a ion o na u al esou ces and weal h; highe labou
u ilisa ion in ensi y; sa ings and capi al accumula ion; in es men in educa ion and human
capi al; app op ia ion o esou ces and capi al om o he socie ies; inc eased p oduc i i y;
g ea e e iciency; s uc u al change; exploi a ion o economies o scale; echnological change.
These ac o s can be ep esen ed by a basic p oduc ion unc ion ha ela es ou pu o he
p oxima e sou ces o g ow h. Once hese p oxima e sou ces o g ow h ha e been quan i ied, i
will be possible o explo e hei links o b oade economic and social g ow h and de elopmen
sou ces (Szi mai, 2012).
The in e media e sou ces o g ow h and de elopmen include h ee se s o ac o s: he
e olu ion o domes ic and in e na ional demand; economic, social, and echnological policies; and
he e olu ion o he e ms o ade. Conside ing demand pa e ns is key o unde s anding he
ajec o y (and pa h dependence) o he economic de elopmen p ocesses (Szi mai, 2012).
These p oxima e and in e media e sou ces a e unde lain by deepe social ac o s, called
ul ima e sou ces o g ow h and de elopmen . These include: geog aphical condi ions;
demog aphic cha ac e is ics; poli ical, economic, and social ins i u ions; cul u e; class, and powe
ela ions be ween social g oups; his o ical shocks; long- e m de elopmen s in science and
echnology; and dis ance om he in e na ional echnological on ie . I is wo h no ing he
di e ence be ween ins i u ions, which egula e human in e ac ion in speci ic a eas, and cul u e,
which encompasses a b oade se o alues, no ms, and social knowledge. Ins i u ions ely on
cul u e bu a e o ien ed owa ds mo e speci ic domains (Szi mai, 2012).
The inal componen o his concep ual amewo k consis s o socio-economic ou comes, he
‘ esul s’ o de elopmen : he heal h o he popula ion; le els o educa ion and li e acy; le els o
consump ion; he numbe o people li ing in po e y; income and weal h dis ibu ion; decen
employmen oppo uni ies; and en i onmen al sus ainabili y. Socio-economic ou comes
encompass bo h economic and social dimensions. In his pape , de elopmen is de ined as he
p ocess o imp o ing hese socio-economic ou comes. These ou comes a e wha uly ma e in
he de elopmen p ocess (Szi mai, 2015).
Adop ing his amewo k, i can be a gued ha economic g ow h is a necessa y condi ion o
de elopmen . I an economy achie es high g ow h a es bu he li ing condi ions o i s popula ion
do no imp o e, i is no possible o alk abou de elopmen ; none heless, he impo ance o
inc easing p oduc i e capaci y emains c ucial. A leas in oday’s de eloping socie ies, imp o ing
social ou comes is no possible wi hou a long- e m sus ainable inc ease in p oduc i e capaci y.
Economic g ow h is an essen ial p econdi ion o imp o ing social ou comes. I is impo an o
cla i y ha his a icle does no aim o discuss he concep o de elopmen ; wha is ele an he e
is he s udy o he ac o s ha acili a e his p ocess, unde s ood as he long- e m imp o emen
o socio-economic ou comes.
I should be no ed ha he use o he e ms “ul ima e”, “in e media e”, and “p oxima e” does
no imply a linea model o causali y. In his concep ual amewo k, causali y is ci cula a all le els
354 Socie y ma e s: A pos -Keynesian app oach o economic de elopmen
PSL Qua e ly Re iew
(Szi mai, 2015). The di e ence be ween he ul ima e, in e media e, and p oxima e sou ces o
causali y lies mainly in he ease o quan i ica ion and he empo al ex ension o causal chains.
In his essay, I p opose adop ing a pos -Keynesian (speci ically, neo-Kaleckian) app oach o
analyse how demand ac o s a e de e minan s o long- un economic g ow h and, h ough his, o
de elopmen . In o he wo ds, he amewo k o p oxima e, in e media e, and ul ima e sou ces o
g ow h is na owed o examine how he e olu ion o demand (an in e media e sou ce) a ec s
g ow h. Going a s ep u he wi hin his amewo k and ollowing he neo-Kaleckian app oach,
demand is conside ed a a iable closely ela ed o income dis ibu ion be ween social classes.
Func ional income dis ibu ion depends on: long- e m ends in scien i ic and echnological
knowledge; demog aphic ends and condi ions; economic, poli ical, and social ins i u ions;
his o ical de elopmen s; cul u e; social a i udes and capabili ies; and changes in he class
s uc u e and ela ions be ween social g oups. In o he wo ds, dis ibu ion depends on he
balance o powe be ween social classes and i s de e minan s. Wi hin his amewo k, all hese
ac o s a e ega ded as ul ima e causes o g ow h and de elopmen .
2. Dis ibu ion, demand, and de elopmen
A common opic in economic science is he analysis o he ela ionship be ween dis ibu ion and
g ow h. Among he classics, he e was a long adi ion o analysing he e ec s o low wages on
consump ion le els and agg ega e demand, as well as he link be ween agg ega e demand and he
accumula ion p ocess (Blecke , 2002). In he mid-20 h cen u y, Kalecki o malized he link
be ween dis ibu ion and p oduc ion in a model wi h wo social classes, wo ke s and capi alis s,
each wi h di e en p opensi ies o consume (and hus o sa e) (Kalecki, 1996). In his model and
i s de i a i es, p ices a e de e mined in oligopolis ic ma ke s, whe e i ms se p ices by
es ablishing ma k-up a es on hei cos s. Economies a e assumed o ha e excess capaci y; ha is,
agg ega e demand de e mines he equilib ium le els o e ec i e ou pu (Blecke and Se e ield,
2019; Ma missolle, 2021). Kalecki’s wo k inspi ed a se ies o neo-Kaleckian (o , mo e gene ally,
pos -Keynesian) mac oeconomic models ha gi e unc ional income dis ibu ion a cen al ole in
explaining he le el and e olu ion o ou pu .
Wi hin he pos -Keynesian adi ion, he seminal wo k o Bhadu i and Ma glin (1990) spu ed
a p oli ic li e a u e on he in luence o unc ional income dis ibu ion on coun ies’
mac oeconomic pe o mance. This li e a u e analyses he a ious channels h ough which he
wage sha e o income (and p o i sha e and, mo e ecen ly, land en sha e) a ec s consump ion,
in es men , and ne expo s. F om hese e ec s, i can be de e mined whe he inc eases in he
wage sha e o income con ibu e o economic g ow h. I hey do, i indica es ha he g ow h
egime o he economy is wage-led and, i no , p o i -led (Blecke , 2002; La oie and S ockhamme ,
2013). Iden i ying an economy’s g ow h egime is ex emely use ul o unde s anding i s pas
g ow h pe o mance and u u e p ospec s. The na u e o a g ow h egime is no de e mined by
he economic policy implemen ed by a gi en go e nmen ; i is no designed by policies bu by he
ins i u ional s uc u e o he economy. I is in luenced by he coun y’s income dis ibu ion, he
p opensi y o consume o di e en social classes, he esponsi eness o en ep eneu s o changes
in sales possibili ies and p o i a e, he esponsi eness o expo e s and impo e s o changes in
cos s, exchange a es, ex e nal demand, and incen i es o inno a e ha dis ibu ional changes
may gene a e (Blecke and Se e ield, 2019).
P. Ma missolle 355
PSL Qua e ly Re iew
While he li e a u e on g ow h egimes is amed wi hin demand-led g ow h heo ies
(Blecke , 2002), supply-side analyses ha e also been inco po a ed in o hese models.
1
Changes in
he wage sha e o income (o in eal wages) can impac p oduc i i y g ow h (o echnological
p og ess, om a b oade pe spec i e). Fo example, he impac o dis ibu ional changes on
p oduc i i y can be conside ed om he pe spec i e o e iciency wage heo y (Shapi o and
S igli z, 1984). Ano he possibili y is o conside an app oach in line wi h he Kaldo -Ve doo n
“law” (Kaldo , 1966; Ve doo n, 1949), which p oposes ha wage inc eases will posi i ely impac
i ms’ incen i es ha , seeking o sa is y demand and educe hei cos s, will achie e
imp o emen s in he p oduc ion p ocesses, hus gene a ing p oduc i i y gains (Beng sson and
S ockhamme , 2021; S o m and Naas epad, 2013).
Pos -Keynesian mac oeconomic heo y is use ul o bo h sho - and long- e m analyses (Mo ,
2002). Con a y o he mains eam iews,
2
in long- un pos -Keynesian analysis, ou pu and
employmen a e no de e mined by he supply o labou and capi al emune a ed acco ding o
hei ma ginal p oduc i i ies. Equilib ium is de e mined by he componen s o agg ega e demand,
whose e olu ion is linked o income dis ibu ion, among o he a iables. The supply o p oduc i e
ac o s will de e mine he ac i i y le el only when agg ega e demand exceeds he ou pu o ull
employmen and ull capaci y u ilisa ion. Howe e , as S eindl (1952) a gues, his scena io is no
e y plausible, because i ms end o accumula e p oduc i e capaci y in excess o demand. In his
con ex , i ms wi h lowe cos s will be able o sell a lowe p ices han hei compe i o s,
displacing hem and g owing as e in he ma ke , he eby gene a ing economies o scale. In he
long un, his p ocess leads o oligopoly and o e capaci y (S eindl, 1952). This excessi e ins alled
capaci y implies ou pu le els below ull employmen le els, suppo ing he use o models ocused
on demand and income dis ibu ion o s udy long- e m economic g ow h.
Pos -Keynesian heo e ical models usually conside he impac o dis ibu ional changes on
di e en mac oeconomic a iables, ea ing dis ibu ion as an exogenous a iable. This aises he
ollowing ques ions: Wha unde lies unc ional income dis ibu ion? Wha de e mines wage and
p o i sha es, and how do hey e ol e o e ime? Simila o he classical economis s o he 19 h
cen u y, Beng sson e al. (2020) explo e hese ques ions, mo i a ed by a s ylised ac : he decline
in he wage sha e in many coun ies. This end is associa ed wi h a ious economic and poli ical
changes in de eloped coun ies since he end o he “Golden Age”, such as globalisa ion,
p oduc ion au oma ion, and labou ma ke de egula ion (Beng sson e al., 2020; Ka aba bounis
and Neiman, 2014). F om a heo e ical pe spec i e, many a iables could in luence unc ional
income dis ibu ion. Howe e , h oughou he 20 h cen u y and so a in he 21s cen u y, he
mos ele an ac o s ha e been ins i u ional. Pa y poli ics, unionisa ion o wo ke s, and iscal
policy a e he main de e minan s o unc ional income dis ibu ion in he long un (Beng sson e
al., 2020).
The ac o s men ioned in he p e ious pa ag aph a e iden i ied by Beng sson e al. (2020) as
p oxima e causes o changes in income dis ibu ion, bu hey all a ise om a single undamen al
cause: powe balances in socie y.
3
In o he wo ds, powe ela ions a e key o de ining wha lies
behind he income dis ibu ion be ween di e en p oduc i e ac o s (o social classes), which, in
1
The emphasis on he e olu ion o e ec i e demand o explain economic g ow h is no opposed o supply-side
conside a ions, e en when he la e is no explici ly conside ed in he models. See Blecke (2002), Bo a e al. (2018),
Blecke and Se e ield (2019) and La oie (2022) o mo e de ails on hese aspec s.
2
To simpli y, I assume he posi ion o La oie (2022) and use he e ms “mains eam”, “o hodox economics”, and
“neoclassical economics” as i hey we e synonyms. Al hough his is common in he li e a u e, Colande (2000) and
Da is (2006) ha e a gued ha his is a mis ake. See La oie (2022) o mo e de ail on his opic.
3
Beng sson e al. (2020) unde s and “p oxima e” and “ undamen al” causes in he sense p oposed by No h and
Thomas (1973); i is in e es ing o no e he pa allelism wi h he concep ual amewo k adop ed by Szi mai (2012).
356 Socie y ma e s: A pos -Keynesian app oach o economic de elopmen
PSL Qua e ly Re iew
u n, is key o de ining how demand will beha e and, ul ima ely, he economic g ow h and
socioeconomic achie emen s o a gi en socie y.
In summa y, he de e mina ion o he g ow h egime o an economy and he analysis o how
income dis ibu ion impac s economic g ow h (and, he e o e, he de elopmen p ocess) depend
on he impac ha di e en income sha es ha e had on agg ega e demand and/o g ow h a es.
Based on hese e ec s, i is possible o iden i y whe he he egime has been wage-led o p o i -
led (among o he op ions).
One migh ask whe he iden i ying a wage-led (o p o i -led) egime implies ha policies
a ou ing wages (o p o i s) should be implemen ed. A p io i, he answe o his ques ion should
ha e some nuances: concluding ha he g ow h egime has been wage-led in a gi en pe iod may
indica e ha he coun y’s “ u u e” economic g ow h would bene i om p o-wage edis ibu i e
policies, bu his may no necessa ily be he case (Ma missolle, 2021). Palley (2014) a gues ha
he wage-led o p o i -led cha ac e o an economy is no necessa ily exogenous; i can be a ec ed
by policy decisions aken om a ce ain poin onwa ds. In his sense, Palley (2014) sugges s wha
could be unde s ood as a pos -Keynesian analogue o he Lucas c i ique (Ma missolle, 2021).
Agains his Lucas c i ique o pos -Keynesian heo y, i is ele an o highligh he posi ion o
S o m (2021), which, al hough no s ic ly e e ing o models o g ow h egimes bu o
mac oeconomic models in gene al, discusses he ele ance o he Lucas c i ique. S o m (2021)
a gues ha he equi emen ha mac oeconomic heo ies mus o e come he Lucas c i ique is, in
a sense, a allacy.
Lucas’s (1976) o iginal p oposi ion is ha mac oeconome ic models using ixed pa ame e s
ail because hei es ima ed alues a e uns able and may change in esponse o policy
in e en ions du ing he s udy pe iod. In his own wo ds, he s a emen can be summa ised as:
“...gi en ha he s uc u e o all econome ic model consis s o op imal decision ules o economic
agen s, and ha op imal decision ules a y sys ema ically wi h changes in he s uc u e o se ies
ele an o he decision make , i ollows ha any change in policy will sys ema ically al e he
s uc u e o econome ic models” (Lucas, 1976, p. 41). As a esul , mac oeconome ic models a e
no use ul o coun e ac ual policy analyses. The e a e wo ways o in e p e he Lucas c i ique:
(i) ake i as a posi i e s a emen abou he applica ion o a model, i.e., as a c i icism o models
used o do ou -o -sample coun e ac ual analysis, o (ii) in e p e i no posi i ely bu
p esc ip i ely, as a ‘pu is ’ me hodological ule, a heo e ical absolu e (S o m, 2021).
Rega ding (i), i is claimed ha , while i is ue ha d awing policy conclusions om an
es ima e when i is possible ha policy changes may modi y he ela ionships be ween mac o
a iables in he s uc u al models in ol es isk, e y ew policy changes a e capable o gene a ing
hese modi ica ions (S o m, 2021). Empi ical e idence shows ha he impac o policy changes on
he pa ame e s o mac o models is, in mos cases, insigni ican . Mo eo e , mic o- ounded dynamic
s ochas ic gene al equilib ium (DSGE) models gene ally ail he (sel -imposed) Lucas c i ique
(S o m, 2021).
Rega ding (ii), i can be no ed ha his posi ion has been adop ed in mains eam DSGE models.
The easoning behind his app oach is au ological, gi en ha he idea is: (a) models ha a e
obus o he Lucas c i ique ha e deep pa ame e s ha a e in a ian o changes in policy; (b) only
models ha a e obus o he Lucas c i ique a e use ul; (c) le us assume ha he pa ame e s o
DSGE models a e in a ian o policy changes; and (d) he e o e, DSGE models a e obus o he
Lucas c i ique (S o m, 2021). This conclusion is inco ec because, in he end, he
mic o ounda ions o he model ha se he es ima ed pa ame e s a e always po en ially a ec ed
by policy. In ecen yea s, he e ha e been signi ican e o s o iden i y mo e “deepe ”
mic o ounda ions o DSGE models; howe e , hese can always be c i icised using Lucas’s
P. Ma missolle 357
PSL Qua e ly Re iew
app oach.
4
Agains his, S o m (2021) a gues ha ac ually he es ima ed pa ame e s in a model
change and e ol e con inuously, and i is impossible o p edic he u u e wi hou modi ying i .
A e all, models ha a e obus o he Lucas c i ique do no exis ; he beha iou al ules o
indi iduals o g oups o indi iduals (such as social classes) will always be a ec ed by policy
changes.
S o m (2021) concludes ha i is no ecommended o mac oeconomics o insis ha models
be obus o he Lucas c i ique, while no ing ha his is no a p oblem because he impac o policy
changes on he pa ame e s o mac o models is gene ally insigni ican . The key o d awing policy
conclusions om a model is o be cau ious, especially when he es ima ed coe icien s can be
expec ed o be a ec ed by policy. The Lucas c i ique can be igno ed o p ac ical pu poses (S o m,
2021). The same a gumen s can be de eloped o he speci ic case o pos -Keynesian g ow h
heo ies in esponse o Palley’s (2014) c i ique.
Beyond he applica ion o his c i ique o he neo-Kaleckian heo y o g ow h egimes and
S o m’s (2021) eplica ion no ed in he las pa ag aphs, i is wo h no ing ha he Lucas c i ique
has become one o he co ne s ones o mode n (a leas mains eam) mac oeconomics. The basis
o his co ne s one is he sea ch o mic o ounda ions o economic heo ies and econome ic
models. The idea is ha mac oeconomic models mus be based on s uc u al pa ame e s ha
e lec he undamen al and immu able ules o indi idual beha iou and he e o e do no change
when mac oeconomic policy changes. These mic o ounda ions would ensu e ha he models can
be used o make obus p edic ions o he e ec s o mac oeconomic policies. Acco ding o his
app oach, mac o models wi hou mic o ounda ions would no be use ul because hey would no
be able o gene a e p edic ions ha would o e come he Lucas c i ique.
The Lucas c i ique led economic science o a pe sis en sea ch o mic o ounda ions. I
conside ha his ocus has led much o he economics discipline o igno e he complexi y o social
in e ac ions in he eal wo ld and he ele ance o his o ical p ocesses and he cha ac e is ics o
each socie y in unde s anding complex issues such as g ow h and de elopmen .
3. The mic o ounda ions dogma
The ‘mic o ounda ions dogma’ e e s o he claim ha all p oposi ions in mac oeconomics can be
educed o mic oeconomic p oposi ions, ha is, s a emen s abou he beha iou o indi idual
agen s (King, 2012). This dogma is no unusual in mode n mac oeconomics. Since he 1980s, bo h
mains eam and he e odox economis s ha e ega ded mic o ounda ions as a ma k o igo in hei
heo ies. Philosophe Alan Nelson (1984) iden i ied he mic o ounda ions doc ine as an example
o mic o- educ ion, concluding ha he p ojec was highly unlikely o succeed, gi en i s long
his o y o ailu e da ing back o classical an iqui y deba es abou he educ ion o one science o
4
The c i icism o DSGE models is no exclusi e o he e odox economics. As La oie (2022) a gues, Solow – conside ed
he a he o neoclassical g ow h models – has himsel epudia ed DSGE models, claiming ha hei ounda ions we e
“dumb and dumbe mac oeconomics”, and ha adding ealis ic ic ions does no make hese models plausible (Solow,
2008). Hoo e (2023) conside s ha DSGE models dese e o be conside ed by academia and e alua ed agains o he
al e na i es, bu he c i icises he posi ion o mains eam mac oeconomis s who de end he se o “p io cons ain s” on
model o m ( ep esen a i e agen s, a ional expec a ions, dynamic op imisa ion, gene al equilib ium), which, when
absen in al e na i e models, au oma ically make hem inadmissible. Hoo e (2023) concludes: “I some imes hink o
he DSGE models as haiku. The 5/7/5 syllable pa e n o haiku is a bi a y. Tha ’s OK o poe y. Bu he a bi a y ules
o DSGE a e no OK o science. Haiku is no he only admissible o m o poe y; no should he DSGE model be he only
admissible o m o mac oeconomics” (Hoo e , 2023, p. 87).
358 Socie y ma e s: A pos -Keynesian app oach o economic de elopmen
PSL Qua e ly Re iew
ano he . This scien i ic py amidism su e s om wo issues: he allacy o composi ion and
downwa d causa ion (King, 2012).
To illus a e hese concep s mo e conc e ely, conside his example p o ided by King (2012):
Wha is a ca , and wha a e i s a ibu es? We can know all he pieces o he ca , bu i is impossible
o in e he cha ac e is ics o he ehicle om he knowledge (howe e , comple e) o all he pieces.
A ca has social, economic, and cul u al signi icance. Denying his implies a allacy o composi ion.
Cul u al, economic, en i onmen al, and social changes di ec ly a ec he ca as a machine and i s
di e en pieces. Causali y, in his case, goes om he la ges o he smalles uni s ( op-down), and
no jus bo om-up. We can know e e y hing abou he pieces, bu his would no allow us o
explain he social, economic, and cul u al signi icance o ca s (King, 2012).
Re u ning o economics, he an i- educ ionis p inciples o he allacy o composi ion and
downwa d causali y a e closely ela ed o he need o mic o ounda ions in he s udy o
mac oeconomics. As King (2012) poin s ou , he mic o ounda ions dogma is a clea example o
he allacy o composi ion: some hing ue and alid o an indi idual agen may no be ue and
alid a he agg ega e le el. The e a e many examples in economic science.
5
The idea ha he economy is based on “isola ed a oms” is an essen ial ea u e o he lack o
ealism o o hodox heo ies (La oie, 2022; Ve gés-Jaime, 2023). In con as , he e odox schools,
including he pos -Keynesian, ha e adop ed a mo e holis ic app oach. Fo example, social classes
a e p esen in se e al he e odox models. Conside ing hei exis ence becomes necessa y once i
is assumed ha indi idual p e e ences a e no su icien o unde s and how socie y wo ks
(La oie, 2022).
Recognising ha indi iduals a e social beings a he han a omis ic beings allows ins i u ions
o be in oduced in o he concep ual amewo ks o economics. While, o he mains eam,
ins i u ions a e ma ke impe ec ions ha limi pe ec compe i ion, o he e odoxy, ins i u ions
a e a ac o ha gene a es a ce ain s abili y (Hodgson, 1989; La oie, 2022).
Howe e , wha has been said does no mean ha we should elimina e he mic o ounda ions
o mac oeconomics and impose mac o ounda ions o mic oeconomics. Wha is impo an is ha
economic heo ies, whe he mic o o mac o, ha e social ounda ions (King, 2012). Economic
heo ies equi e social ounda ions a he han mic o ounda ions. In o he wo ds:
Economis s need o be awa e (as Ma x would ha e said) ha hey a e a emp ing o model
capi alism, no simple commodi y p oduc ion. Hence he e a e wo classes o agen s, capi alis s and
wo ke s, and i is he o me who own he means o p oduc ion and con ol he p oduc ion and sale
o commodi ies. Fi ms a e no simply he agen s o households. P oduc ion is mo i a ed by p o i ,
no – a leas , no di ec ly – by he u ili y unc ions o asocial, classless ‘consume s’. Since p o i is
by de ini ion he di e ence be ween e enue and cos s, ha is, he di e ence be ween wo sums o
money, i is poin less o model a capi alis economy in e ms o ba e . These social ounda ions o
any meaning ul economic heo y a e exceedingly ob ious, bu hey a e ou inely iola ed in he
mains eam models ha employ RARE
6
mic o ounda ions (King, 2012, p. 25).
O cou se, hese social ounda ions a e a om heo e ical elusions as a emo ed om
eali y as he ep esen a i e agen , which does no ep esen socie y as such (Hodgson, 2001;
Ki man, 1992). The dogma o mic o ounda ions implies hinking abou social issues only by
conside ing he ela ionships o upwa d causali y, elimina ing he possibili y o ela ionships o
5
Some examples could be he pa adox o h i (highe sa ings a es can educe ou pu and g ow h), he pa adox o
public de ici (imbalances in public accoun s can gene a e a g ow h in p i a e sec o p o i s), and he pa adox o cos s
(highe wages can gene a e highe p o i a es o capi alis s), among many o he s. See La oie (2022) o mo e on hese
ques ions.
6
Rep esen a i e Agen wi h Ra ional Expec a ions.
P. Ma missolle 365
PSL Qua e ly Re iew
ansi ion om one equilib ium o ano he is c ucial; he condi ions unde which his ansi ion
occu s de e mine he endpoin , ha is, he new equilib ium (La oie, 2022). In o he wo ds, he
ajec o y de e mines he equilib ium; his o y ma e s and becomes pa icula ly ele an o
economics. Pa h dependence and hys e esis a e key o he pos -Keynesian unde s anding o
economic phenomena, which a e necessa ily si ua ed in his o ical ime (La oie, 2022).
The hi d cha ac e is ic o pos -Keynesian heo y ha should be highligh ed is i s ocus on
dis ibu ional issues (Hein, 2017). Income dis ibu ion, bo h in pe sonal and unc ional e ms, has
been pa icula ly ele an wi hin he pos -Keynesian adi ion in gene al and he neo-Kaleckian
adi ion in pa icula . Fo example, he ising end in he p o i sha e o income in de eloped
economies since he end o he Golden Age and i s impac on he slowdown o g ow h in hese
economies ha e been s udied in dep h by his school o hough . In he second hal o he 20 h
cen u y, i o malised ea lie conce ns abou he e ec ha eg essi e income dis ibu ion can
ha e on agg ega e demand (La oie, 2022).
A no able s eng h o he pos -Keynesian heo e ical amewo k o analysing economic
de elopmen is he lowe emphasis placed on he indi idual in he heo e ical models. In con as
o he o hodox concep ion o he indi idual as an au onomous and a omis ic being, pos -
Keynesian economics adop s a holis ic app oach, iewing he indi idual as a uni o analysis
embedded in social and economic ela ions – an “ex e nalis ” de ini ion, as pe Da is (2003). This
concep is based on he idea ha indi iduals and social s uc u es a e in e dependen and
indi isible, wi h each pa cons i u ing and de e mining he o he h ough ecu si e social
p ac ices (Da is, 2003; Giddens, 1976, 1984). In his ega d, such an app oach is pa icula ly
ele an o conside ing he exis ence o social classes when analysing income dis ibu ion and
e ec i e demand. This ele ance becomes clea when i is assumed ha indi idual p e e ences
alone a e insu icien o unde s and he unc ioning o socie y (La oie, 2022). Recognising ha
indi iduals a e social beings and no a omis ic en i ies allows ins i u ions o be in oduced in o
economic amewo ks, no as ma ke impe ec ions bu as ac o s ha gene a e s abili y in a
ealis ic con ex o unce ain y and in e dependence among agen s (Hodgson, 1989; La oie,
2022).
Mo eo e , his app oach explici ly enables he conside a ion o he his o ical speci ici ies o
he economy unde s udy. I allows o an analysis o he his o ical and cul u al con ex s in which
economic phenomena a e gene a ed and how hese a e shaped by social and poli ical ac o s.
Consequen ly, his c ea es mo e space o in e disciplina i y in economics. In his sense, he pos -
Keynesian g ow h egime app oach is compa ible wi h Hodgson’s (2001) p oposal o “b ing
economic heo y close ” o his o ical speci ici ies. I can enhance he unde s anding o how an
economy’s ins i u ions ha e e ol ed o e ime and how his e olu ion is de e mined by b oade
social o ces.
As discussed in sec ion 1, he concep o economic de elopmen is no ma i e and in ol es
choices and alues. E en hough concep ualisa ions a y, he e is some consensus ha g ow h is
necessa y o de elopmen , al hough i is clea ly no su icien o gene a e i on i s own. In o he
wo ds, economic g ow h is one o he essen ial p econdi ions o imp o ed social ou comes. I
conside ha , as a way o app oaching he unde s anding o economic de elopmen p ocesses, i
can be aluable o ame he neo-Kaleckian heo y on g ow h egimes wi hin a concep ual
amewo k o p oxima e, in e media e, and ul ima e sou ces o g ow h and de elopmen . In his
way, when analysing de elopmen , i becomes cen al o he analysis o how demand ac o s a ec
backwa d mo emen in ime. As a heo e ical cons uc , i allows o he analysis o economic models and does no
ela e di ec ly o he ac ual passage o ime. See Robinson (1980) o mo e de ails on hese concep s.
366 Socie y ma e s: A pos -Keynesian app oach o economic de elopmen
PSL Qua e ly Re iew
economic g ow h in he long un and, in he same ein, how income dis ibu ion a ec s demand.
In his amewo k, g ow h, demand, and dis ibu ion a e s ongly linked o each o he and depend
on he co ela ion o o ces among social classes, hei de e minan s, and hei his o ical
e olu ion.
To analyse g ow h and de elopmen p ocesses om a long- e m pe spec i e, he pos -
Keynesian app oach gi es a cen al ole o he social and ins i u ional ac o s o each his o ical
con ex , o , in o he wo ds, o how his o y shapes he p esen .
9
In con as , models based on he
analysis o he beha iou o isola ed indi iduals, de oid o he in e ela ionships inhe en o li e
in socie y, canno ully unde s and an in insically social phenomenon such as de elopmen .
Social in e ac ions always occu in an en i onmen in luenced by ins i u ions, which in u n a e
de e mined by he beha iou o indi iduals hemsel es. This does no mean ha pos -Keynesian
mac oeconomics lacks a ision o how agen s de ine hei choices o how i ms ope a e. The
di e ence lies in he ac ha , in his heo e ical amewo k, we s a om an o ganic pe spec i e
o he wo ld in which he bases o agen s’ beha iou a e es ablished on philosophical assump ions
ha a e e y di e en om hose o mains eam mic o- ounded models (see able 1).
King’s (2012) p oposal o endow economic heo ies wi h social ounda ions a he han
mic o ounda ions can be e ined o he pa icula case o g ow h heo ies, especially in cases
whe e he aim is o analyse long- e m de elopmen p ocesses. In his sense, i can be a gued ha
analy ical models should ha e his o ical ounda ions. In o he wo ds, economic heo ies should
gi e g ea e conside a ion o his o ical speci ici ies (Hodgson, 2001). Cesa a o’s (2023) p oposal
o pu sue he his o ical econs uc ion o he objec i e and subjec i e cha ac e is ics o economic
o ma ions, a he han he ahis o ical s udy o indi idual choices, poin s in he same di ec ion. I
conside ha he pos -Keynesian (o mo e p ecisely, neo-Kaleckian) heo y o demand-led g ow h
and dis ibu ion-led g ow h, which analyses how g ow h egimes a e de ined, how hey change
o e ime, and how economic policies in luence he di ec ion and speed o hese changes, ul ils
hese cha ac e is ics. I analyses economic g ow h by ocusing on his o ical p ocesses and he
in e ac ion be ween di e en social ac o s. I his pe spec i e is in eg a ed in o a concep ual
amewo k o p oxima e, in e media e, and ul ima e sou ces o g ow h and de elopmen ,
10
i also
becomes a good app oach, consis en wi h social ounda ions, o analysing de elopmen
p ocesses.
7. Concluding ema ks
In his essay, I p opose an al e na i e o mic o- ounded mac oeconomic models and
me hodological indi idualism, ocusing on he sea ch o social ounda ions o heo ies ha aim
o unde s and long- e m economic g ow h and de elopmen p ocesses. This does no imply
denying he alue o mic oeconomics and he analysis o indi idual beha iou . Ra he , i sugges s
ha mac oeconomic p oposi ions canno be educed o p oposi ions abou indi idual beha iou .
Such educ ionism necessa ily leads o scien i ic py amidism, which su e s om he allacy o
composi ion and denies downwa d causa ion. Mains eam mac oeconomics ends o ocus on
indi idual-le el analyses, neglec ing many social and poli ical ac o s essen ial o unde s anding
economic de elopmen .
9
The g ow h and dis ibu ion models o de eloping economies pu o wa d by Po cile e al. (2023) a e a good example
o his.
10
As de eloped by Ab amo i z (1986, 1989), Maddison (1988), Rod ik, (2003), and Szi mai (2012, 2015).
P. Ma missolle 367
PSL Qua e ly Re iew
To add ess his limi a ion, I p opose analysing de elopmen p ocesses using pos -Keynesian
heo y amed wi hin he app oach o p oxima e, in e media e, and ul ima e sou ces o g ow h
and de elopmen . This pe spec i e can con ibu e o he unde s anding o de elopmen by
highligh ing how demand ac o s and dis ibu ional con lic s shape long- e m economic
de elopmen . Among he cha ac e is ics o pos -Keynesian mac oeconomics ha a e use ul o
analysing economic de elopmen and consis en wi h he idea o social ounda ions a e he
p inciple o e ec i e demand, he concep o his o ical ime, he ele ance o pa h dependence and
hys e esis, he cen ali y o dis ibu ional con lic , and he iew o indi iduals as social beings
a he han a omis ic en i ies.
In summa y, his pape aims o p o ide an al e na i e o he con en ional app oach in
economic heo y. This al e na i e ocuses on he “social ounda ions” o unde s anding economic
g ow h and de elopmen and p oposes a concep ual amewo k ha gi es a cen al ole o he
social and poli ical ac o s ha in luence hese p ocesses.
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