The paper studies the relations between types of institutions on different components of human development. A role of aggregate demand in determining the material components of human development is assumed. We thus divide institutions into those that create demand and those that are determined...

The ratio of saving to social income is generally conceived as the result of stable patterns of individual and institutional decisions to save. In a theoretical context in which aggregate demand is recognized as playing a part in the growth process positing a general assumption on consumption,...

Within the demand-led approach to growth, the long-period tendencies of quantities cannot be effectively studied through theoretical positions entailing normal utilization of capacity. Whether in the form of constant or of average normal utilization, this assumption contradicts the supposed...

The steady-state method of analysing long-run economic tendencies is inconsistent with accurate representation of the autonomous role played by aggregate demand in the growth process. This role implies long-run variability of capacity utilization, which is denied by assumption in steady-state...

The variability of long-run capacity utilisation has to be considered as an expression of the determining role of aggregate demand in the growth process. This paper discusses the model proposed by Serrano in which such determining role is apparently reconciled with condition of normal...

In advanced capitalist economies, the asymmetry of aggregate consumption, which decreases to a lesser extent during recessions than it increases during expansions, implies an endogenous source of growth and accumulation. This thesis, put forward in a previous paper co-authored with Pierangelo...