THEORETICAL CONSIDERATIONS ON THE CONSUMPTION-BASED ECONOMIC GROWTH
THEORETICAL CONSIDERATIONS ON THE CONSUMPTION-BASED ECONOMIC GROWTH

Summary/Abstract: The paper aims to analyse, from a critical point of view, the standard models of economic growth which are based on the consumption as command variable within a post-keynesian economy. To this end, firstly, the study identifies the theoretical macroeconomic variables which can stay as proxies for consumption (for example, the wage), extracting the pros and cons arguments for every of them. Finally, the paper provides a set of arguments in favour of considering the consumption as an appropriate macroeconomic variable to model the economic growth, especially in the post-pandemic COVID-19 period, based, of course, on taking into account the economic sustainability on medium and long term.

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