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Exploring the social and political foundations of modern economies

The Max Planck Institute for the Study of Societies conducts basic research on the governance of modern societies. It aims to develop an empirically based theory of the social and political foundations of modern economies by investigating the interrelation between economic, social and political action. Using primarily an institutional approach, it examines how markets and business organizations are embedded in historical, institutional, political and cultural frameworks, how they develop, and how their social contexts change over time. The institute seeks to build a bridge between theory and policy and to contribute to political debate on major challenges facing modern societies.

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The Growth Model Perspective on Comparative Capitalism

Lucio Baccaro
Borrowing from Post-Keynesian and Neo-Kaleckian macroeconomics, the growth models perspective Lucio Baccaro explores in his Scholar in Residence Lectures, emphasizes the driving role of various components of aggregate demand, the impact of distribution, and the composition and price-sensitivity of exports. Growth models emerge from distributive conflict, often as unintended consequences, and last as long as the supporting social coalitions do. While much less stable than game-theoretic equilibria, they act as constraints on policy, at least for some time.
Scholar in Residence Lectures 2015-2016

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