ResumoEste artigo examina a relação, para a economia brasileira, entre a formação bruta de capital fixo e o crescimento econômico. Tendo como referência as teorias keynesianas e kaleckianas, procura-se entender porque a economia brasileira, a despeito da estabilização monetária alcançada com o Plano Real, se encontra estagnada desde os anos 1990. As evidências empíricas mostram uma elevação do investimento por um curto intervalo nos últimos anos, mas em níveis insuficientes para dinamizar o crescimento econômico e ampliar a relação investimento/PIB. A análise econométrica apresenta resultados compatíveis com as interpretações teóricas e aponta para algumas barreiras importantes para o investimento, como as taxas reais de juros elevadas. Palavras-chave:Teoria do investimento; Crescimento econômico; Economia brasileira; Teoria kaleckiana; Teoria keynesiana. Abstract Why does the Brazilian economy not grow in a dynamic and sustainable way? A Kaleckian and Keynesian analysisThis article examines the relationship between investment and economic growth in Brazil. In light of the Keynesian and Kaleckian approaches, it aims to understand the stagnation the Brazilian economy has experienced since the 1990s, despite the monetary stabilization achieved with the Real Plan. Empirical evidence shows that investment increased for a period of time in the past few years, but not to the point of getting the economy back on track in terms of high growth rates and higher investment-GDP ratios. The econometric analysis is compatible with the theoretical underpinnings and identifies important issues such as the high real interest rates.
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