Challenging Supply-Side Vision: Demand-Led Growth Sparks Economic Revolution
The article challenges the idea that economic growth is mainly driven by supply, arguing that demand plays a crucial role. Various models are discussed, including Keynesian, Kaldorian, and Kaleckian, to show how demand-led growth can explain fluctuations in the economy. The researchers highlight the importance of factors like investment, balance of payments, distribution, and technological change in shaping economic growth. Ultimately, the study suggests that understanding and harnessing demand is essential for sustainable and transformative growth.