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The Structure–Agency Relation of Growth Imperative Hypotheses in a Credit Economy

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KIMMICH Christian WENZLAFF Ferdinand

Rok publikování 2022
Druh Článek v odborném periodiku
Časopis / Zdroj New Political Economy
Fakulta / Pracoviště MU

Fakulta sociálních studií

www article - open access
Klíčová slova Stagnation; institutional macroeconomics; social ontology; monetary theory; land value tax
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Popis Growth dynamics are often explained by insatiable wants or anthropological constants, modelled as preferences and behavioural axioms. By contrast, structural perspectives postulate a growth imperative due to macroeconomic or monetary system-inherent properties. Reconciling both perspectives, we develop a relational structure–agency framework to evaluate growth imperative hypotheses. We analytically separate the credit structure (including balance-sheet mechanics and nominal uncertainty) from institutional structure, and describe decision norms for households, entrepreneurs, commercial banks, central bank, and the state. Our framework suggests that the interplay of credit principles, income-dependent saving and portfolio saving rationales prevent the interest rate from adjusting downwards and thereby cause mature credit economies to stagnate. Underemployment results in growth policies becoming the dominant norm – seeking, under budget constraints, to overcome declining growth rates. Our method helps identifying agency to resolve this imperative. Preventing real asset inflation to relieve monetary policy at the effective lower bound appears essential.
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