Expectations, Lags and Particular Parameter Values in Harrod’s Dynamics

J.W. Nevile

History of Economics Review, 2003, vol. 37, issue 1, 100-108

Abstract: Two recent books on Harrod’s work and Harrodian themes mentioned two articles on Harrod that I published in the early 1960s. Harrod himself wrote a letter to me commenting on the articles. This letter throws some new light on how Harrod, at least at the beginning of the 1960s, regarded the role of expectations, lags and the extent, if any, that his results depend on particular parameter values. The most startling thing in the letter is Harrod’s admission that his fundamental instability principle may depend on the sizes of the multiplier and acceleration coefficient falling within certain ranges.

Date: 2003
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DOI: 10.1080/10370196.2003.11733392

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