Abstract

LORENTE, Luis. Growth, credit and inflation. Rev.econ.inst. [online]. 2019, vol.21, n.40, pp.9-68. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v21n40.02.

Growth by factor accumulation is only one of three ways to grow and the least important in modern economies. Since the industrial revolution, the dominant form is process innovation, which depends on the size of the market and is a cumulative process that continuously increases productivity; transforms the structure of production and the composition of consumption, and has a drag effect on the other two forms of growth. The dynamics of the real sector is integrated with that of the financial sector by the credit that supports the productive activity, although it can also support the concentration of income and speculative outbreaks. The interaction of an innovative sector with a protected one is a primary source of inflation, previous to and independent of the spiral of wages and prices.

JEL: B41, E44, E60, G00, 031.

Keywords : Macroeconomic analysis; economic circuit; disequilibrium; growth; development; credit; inflation.

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