Divergent Growth and Endogenous Cycles: A Keynesian reconciliation of Harrod and Hicks

Steve Keen

Papers deposited by Authors from Post-Keynesian Archive

Abstract: The introduction of a General Theory perspective on investment into Hicks's trade cycle model generates a cyclical growth model which reconciles the apparently divergent visions of Harrod and Hicks. Growth occurs without the need to postulate autonomous investment, cycles occur without ceilings or floors, cycles and growth are interdependent, the rate of growth depends on the rate of investment, plausible values can be given to fundamental parameters, and differences in national growth rates can be explained by differences in national propensities to invest. Given that we're about to start discussing Neri's paper on endogenous growth theories, this may be of interest to some.

Date: 1995-01
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