A multi time-scale theory of economic growth and cycles

Juan Jacobo ()

Structural Change and Economic Dynamics, 2022, vol. 62, issue C, 143-155

Abstract: A multi time-scale framework is proposed for the simultaneous modeling of economic cycles and the long-run behavior of technical change and income distribution. The accounting structure of the model is based on Marx’s circuit of capital and uses the dynamic interaction between wages and unemployment as a “closure” for the system of equations. The model is consistent with some empirical regularities of the post-war US economy related to the cyclical behavior of the unemployment rate, the wage-share, the expected rate of profit and inventory investment, on one hand, and with the tendency of a falling wage-share and a rising capital-output ratio, on the other.

Keywords: Circuit of capital; Growth theory; Technical change; Income distribution; Singular perturbation theory (search for similar items in EconPapers)
JEL-codes: C62 E11 E12 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0954349X22000649
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:62:y:2022:i:c:p:143-155

DOI: 10.1016/j.strueco.2022.04.011

Access Statistics for this article

Structural Change and Economic Dynamics is currently edited by F. Duchin, H. Hagemann, M. Landesmann, R. Scazzieri, A. Steenge and B. Verspagen

More articles in Structural Change and Economic Dynamics from Elsevier
Bibliographic data for series maintained by Catherine Liu ().