Abstract

MORENO RIVAS, Alvaro. Towards a new economic paradigm. Rev.econ.inst. [online]. 2021, vol.23, n.44, pp.311-319.  Epub May 04, 2021. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v23n44.14.

Endogenous economic growth is a macroeconomic phenomenon in permanent disequilibrium. Ignorance of both aspects has led conventional theory to build models and theories that, although they enjoy formal rigor, do not adequately respond to three problems: 1) the explanation of the exponential growth of GDP per capita; 2) the Harrod instability dilemma; 3) scale problems related to doubly exponential growth. This article presents the new book by Luis Lorente, where a new paradigm is built that allows the integration of real and monetary aspects in a growth theory led by process innovations in permanent disequilibrium. This theory adequately responds to the three problems stated. In this way, new methods are provided to understand and explain the economic dynamics of really existing capitalist economies.

Keywords : endogenous growth, disequilibrium, innovations, increasing returns; JEL: O40, O33, E27, G01, B41.

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