Classical dynamics of disequilibrium

Carlo Benetti, Christian Bidard and Edith Klimovsky

Cambridge Journal of Economics, 2007, vol. 31, issue 1, 41-54

Abstract: This paper studies the dynamics of a disequilibrium model of classical inspiration from a non-gravitational perspective. In each sector, capitalists decide on rates of accumulation that are revised if the desired rates are not feasible. The dynamics differ according to the hypotheses retained (cyclical growth interspersed by crises, convergence towards a stationary state or towards a regular but sluggish growth). These results are compared with those of the classical and Keynesian theories. Copyright 2007, Oxford University Press.

Date: 2007
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