The instability Principle revisited: an essay in Harrodian Dynamics

Muriel Dal-Pont Legrand () and Olivier Bruno
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Muriel Dal-Pont Legrand: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur
Authors registered in the RePEc Author Service: Muriel DAL PONT LEGRAND

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Abstract: Harrod's contribution to economic dynamics is very often reduced to the dynamic equation whose character is unstable. Growth theory and cycle theory based on Harrod's contributions aimed at reducing this instability. Following Harrod, who was strongly opposed to the 'knife-edge' interpretation, we define the warranted rate of growth as a 'moving equilibrium' and focus on its interaction with the effective rate of growth. Our simple Harrodian model generates various dynamics from stable path, to growth cycle and corridor of stability.

Keywords: Harrod; growth cycles; instability; corridor of stability; cycles de croissance; instabilité; corridor de stabilité (search for similar items in EconPapers)
Date: 2014-06-02
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Citations: View citations in EconPapers (5)

Published in European Journal of the History of Economic Thought, 2014, 21 (3), pp.467-484

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01066338

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