O modelo de Harrod: natureza das expectativas de longo prazo, instabilidade e não-linearidade

Alain Herscovici

Revista Economia e Sociedade, 2006, vol. 26, 27

Abstract: Harrod´s model: nature of long term expectations, instability and no linearity The different versions of Harrod´s growth model have always been the subject of controversy and mistaken interpretations: in this paper, we intend to show how Harrod, from 1938 onwards, provides the elements to build a dynamical analysis using Keynes´ theoretical tools: this means to provide an endogenous explanation for instability, for the existence of a reversal point as well as for the modes of regulating the system. It will be shown, also, how Harrod translates, in a dynamical language, Keynes´ static analysis developed in his General Theory . In the first section, we investigate the relations among effective demand, the equilibrium´s stability and the nature of expectations as they are presented in the General Theory . In the second section, we explain how, from a non linear conception of economic processes, Harrod defines many instability principles along with some modalities of regulating the system.

Keywords: Instability; Path dependence; Expectations (search for similar items in EconPapers)
JEL-codes: B22 B41 E12 (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:euc:ancoec:v:26:y:2006:p:29-55

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