Harrod and instability

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Chapter 7 in Income Distribution, Growth and Unemployment, 2022, pp 88-103 from Edward Elgar Publishing

Abstract: This is the last Chapter on prototypes growth models. Its specific target is that of centring the analysis of the theme of instability, a typical Harrodian topic along with that of the reconciliation between the warranted rate of growth and the natural one. In order to deal with the income distribution debate (IDD) Harrod's model has been modified in such a way to make explicit what is implicit in his analysis. Three are the consequences for the successive analysis. First of all, one has to pass from a local perspective to a global one in order to deal with the process of instability. In this case, thwarting forces must be introduced into the analysis, ceilings and floors being the most important examples. Secondly, one has to consider the broader and deeper nature of these forces that attain the rules of the game and institutional features. Finally, they threat to weaken the concept of steady state, one of the cornerstone in the syntax of the income distribution debare (IDD).

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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