Possible Macro Implications

The purpose of the final chapter of the original book was to attempt to make useful suggestions for the reconstruction of then-contemporary post-Keynesian growth economics, based on what would now be called the microfoundations of the theory set out in the preceding chapters. The result, though seemingly clearly written, was complex and is not reproduced here with the suggestion that now-contemporary readers should attempt to trace the detail of its logic. Similarly, modern readers may find the 1950s/1960s theoretical context now has the flavour of the history of thought. No, the purpose of reproducing the chapter in full is to give a broader picture of the environment in which I saw managerial capitalism and also because, as already discussed in the new Introduction, buried in the argument are seeds of the idea of ‘endogenous’ growth.1