Should Schumpeterian macroeconomics be(come) stock-flow consistent?
Invited Session: Tuesday 11th June, 15:00-16:00
Theme
The purpose of the session is to discuss the need for more academic convergence between, on the one hand, the evolutionary Schumpeterian literature on macroeconomic dynamics and growth, and on the other hand the post-Keynesian literature of Stock-Flow Consistent (SFC) modelling. Many of the so-called Keynes-Schumpeter models already incorporate insights of the SFC literature (and vice versa), but large differences between the two approaches still exist. What are the open issues in Schumpeterian macroeconomics that could benefit from SFC modelling? Can an approach based on the two traditions together help us achieve better insights into big problems, such as transformations for green development, or a fairer global economy? We will have a roundtable discussion with the audience, based on short introductions from three specialists in the area.
The session is co-organized with the EU Horizon project TWINRD - Macroeconomic modelling of R&D for the twin transition
Detailed program:
- Introduction to the session (Bart Verspagen)
- SFC Macro: State of the art and outlook (Antoine Godin, online)
- Schumpeterian Macro: The need for integration with SFC (Danilo Spinola)
- Schumpeterian Macro: A practitioner’s perspective (Tomasso Ciarli)
- Discussion with the floor and concluding statements
Organizer
Bart Verspagen
Bart Verspagen is professor of the macroeconomics of innovation and new technology at Maastricht University in the Netherlands. He obtained his PhD from the same university, in 1992. After his PhD, he was awarded a scholarship by the Royal Netherlands Academy of Arts and Sciences. He became professor of economics at the Eindhoven University of technology in 1998. From 2001 to 2011, he was visiting professor at the University of Oslo in Norway. In 2008, he returned to Maastricht University and became professor of international economics. From 2012 to 2020, he was director of the research institute UNU-MERIT in Maastricht.
His research interests focus on the economics of innovation and new technology in a broad sense, with an emphasis on growth and development in a global context. He applies an evolutionary perspective on economics and is interested in heterodox economics including post-Keynesian perspectives. He is an Editor in Chief of the Journal of Evolutionary Economics and holds an honorary doctorate of the University of Oslo.
