EconPapers    
Economics at your fingertips  
 

Disequilibrium Growth Theory: The Kaldor Model

Takatoshi Ito ()

No 281, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Disequilibrium macroeconomic theory [e.g. Clower, and Barroand Grossman] is extended to deal with capital accumulation in the long run. A growth model a la Kaldor is chosen for a frame-work. The real wage is supposed to be adjusted slowly, therefore there may be excess demand or supply in the labor market. The transaction takes place at the minimum of supply and demand. Since income shares of workers and capitalists depend on which regime the labor market is in, different equations are associated to different regimes. Local stability of the steady state by the disequilibrium dynamics is demonstrated.

Date: 1978-09
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Published as Ito, Takatoshi. "Disequilibrium Growth Theory." Journal of Economic Theory , Vol. 23, No. 3, (December 1980), pp. 380-409.

Downloads: (external link)
http://www.nber.org/papers/w0281.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:0281

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w0281

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2021-06-09
Handle: RePEc:nbr:nberwo:0281