With this inquiry we seek to develop a disaggregated version of the post-Keynesian approach to economic growth, by showing that indeed it can be treated as a particular case of the Pasinettian model of structural change and economic expansion. By relying upon vertical integration becomes...

This paper seeks to establish that a Structural Economic Dynamic (SED) approach toward understanding technological gaps offers a superior method relative to the Import Substitution Strategy (ISS). It is argued that the ISS approach fails to account for the role of demand and hence, the...

The last two decades in Brazil are characterized by low growth in income per capita, financial turmoil, increasing unemployment, dismal distribution of income (and wealth), rent-seeking speculation and dissatisfaction with the outcome of neo-liberal policies. It was in this context that Luiz...

Our purpose in this paper is to extend and to apply the pure labour model proposed by Pasinetti (1981, 1993) in a closed dual economy in order to discuss employment problem from the economic dualism point of view, developed by W. Arthur Lewis (1954), within the production framework. Emphasis is...

The paper shows some of the main contributions of Celso Furtado in Brazilian economic development. First, it is treated some aspects of his contributions to the structuralist theory and his role as policy maker in that process. After that, some specific aspects of Furtado’s analysis are...

We consider the concept of Macrodynamic Capability, exploring an heterodox content whose analytical foundation is derived from a number of scholars of diverse ideological conceptions which casts light on the different ways that economies deal with the role and impact of institutional, monetary...

This paper analyse the influences of speculative capital movements on exchange rate levels and its volatility in Brazil. Approaches based only in fundamentals are unable to explain some empirical regularity. The speculative behaviour needs to be considered. In particular, empirical works...

We consider the concept of Macrodynamic Capacity, exploring an heterodox content whose analytical foundation is derived from a number of scholars of diverse ideological conceptions which casts light on the different ways that economies deal with the role and impact of institutional, monetary and...

This study attempts to investigate the relations among financial system and the rates of saving and investment through an econometric analysis in Brazilian economy. For the period 1947-2004, we examine if those relations were characterized by different regimes related to changes in the financial...

This paper analyse the determinants of investment in Brazil in an environment of globalisation. To achieve a proper identification the economy is divided in three sectors: public, domestic private and international private. Since the growth of volatility is one of the main results of the...