Long-term Expectations and Economic Growth -A post Keynesian Theory of Long-term Growth

Hideyuki Adachi
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Hideyuki Adachi: Kobe University

Kobe Economic & Business Review, 1992, vol. 37, 109-140

Abstract: This paper attempts to develop a long-term growth model of a Post-Keynesian character to analyze the possible disequilibria in the growth process. The most distinctive feature of the model lies in that it explicitly takes into account the expected rate of growth in the corporate investment behavior. This concept together with the Harrod's concepts of the warranted rate of growth and the natural rate of growth plays an important role in determining the tendency of long-term growth. The model presented here may be characterized as an attempt to synthesize Harrod's theory of growth with Joan Robinson's theory of capital accumulation.

Date: 1992
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