ABSTRACT
The post-Keynesian view of economic growth denies that the performance of the advanced countries has been seriously constrained by the growth of factor supplies. Even during the expansionary period of 1950-73, when the average annual growth of output was double that achieved over the previous eighty years, labour shortages were never a limiting factor. There was either sufficient disguised unemployment in the non-manufacturing sectors or enough immigration to satisfy the demand for labour. The rate of capital accumulation is never a long-run constraint on economic growth as investment is as much a result of the expansion of output as its cause.1
