A Model of Cumulative Causation

Mark Setterfield

Chapter 3 in Rapid Growth and Relative Decline, 1997, pp 48-64 from Palgrave Macmillan

Abstract: Abstract In Chapter 2, it was suggested that there exists a close correspondence between hysteresis and the principle of cumulative causation associated with authors such as Kaldor. This correspondence suggests that the work of Kaldor may represent a useful point of departure for our attempt to construct a hysteretic model of long-run macroeconomic dynamics. The aim of this chapter is to explore this possibility in detail.

Keywords: Exchange Rate; Productivity Growth; Relative Growth Rate; Real Wage; Relative Decline (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37587-1_3

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DOI: 10.1057/9780230375871_3

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