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Harrodian Instability: An Unhelpful Analytical Concept

Attilio Trezzini

Review of Radical Political Economics, 2021, vol. 53, issue 2, 320-336

Abstract: By reconsidering the concept of normal degree of utilization in view of the fact that growth occurs through irregular fluctuations, the paper points out elements of weakness in the formalizations of the principles that underlie the notion of Harrodian instability. Since the latter was at the origin of the adoption of fully adjusted positions to represent long-term trends of the economy, such arguments call into question this way of addressing demand-led growth. JEL Classification : O40, E12

Keywords: Harrodian instability; demand-led growth theory; capacity utilization; capital accumulation (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1177/0486613420967201

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