An Alternative Approach to Economic Growth in the Regulation Theory

The paper describes the specific approach of Regulation School to growth theory and models. Contemporary neoclassical research is built upon a strong substitutability between labour and capital. Regulation Theory takes into account the rough complementarily of production factors, as evidenced by econometric studies. In the Regulation Approach, the study of the long run aims at formalizing the two sided relationship between economic trends, institutions, demography and technology. Finally, studies of the long run history, and relevant cross national analyses, might disentangle between trends and continuities, as well as qualitative and therefore quantitative changes. In the globalization, the relations between the financial, the economic, and the social "poles" change deeply: the financial pole becomes dominates the other poles.