Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: This paper compares Kaleckian and Harrodian models of accumulation. The sim- plicity of the canonical Kaleckian model is appealing but more complex Harrodian specifications are preferable from a behavioral perspective. The local instability of Harrodian-inspired specifications, moreover, offers a unified understanding of both trend and cycles. JEL Categories: E12, E32, O41

Keywords: Kalecki; Harrod; Kaldor; Robinson; Steindl; investment function; sta- bility; growth cycle; reserve army; multiple equilibria. (search for similar items in EconPapers)
Date: 2008-08
New Economics Papers: this item is included in nep-mac
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Chapter: Growth, Instability and Cycles: Harrodian and Kaleckian Models of Accumulation and Income Distribution (2010)
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