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The Accelerator Principle At The Core Of Frisch’S 1933 Rocking Horse Model

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  • DUPONT-KIEFFER, ARIANE

Abstract

This paper aims to detail Frisch’s choice of setting the accelerator principle at the core of his impulse-propagation model (1933a), referred to as the “rocking horse model.†The innovative aspects of this model rest not only on the rise of macrodynamics regarding the equilibrium concept but also on the reformulation of business cycles in terms of production of capital goods. This is a deliberate choice, which relies on his work on business cycles started in 1927, and can be obviously traced back to his debate with John Maurice Clark and the American Institutionalists, but relies more deeply on a specific appropriation of Norwegian approach to this principle.

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  • Dupont-Kieffer, Ariane, 2012. "The Accelerator Principle At The Core Of Frisch’S 1933 Rocking Horse Model," Journal of the History of Economic Thought, Cambridge University Press, vol. 34(4), pages 447-473, December.
    • Handle: RePEc:cup:jhisec:v:34:y:2012:i:04:p:447-473_00
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    Cited by:

    1. Carret, Vincent, 2021. "Fluctuations and growth in Ragnar Frisch’s rocking horse model," OSF Preprints 69nsg, Center for Open Science.
    2. Vincent Carret, 2020. "And yet it rocks! Fluctuations and growth in Ragnar Frisch's rocking horse model," Working Papers halshs-02969773, HAL.
    3. Jean-Marc Ginoux & Franck Jovanovic, 2022. "Solving Vincent Carret's Puzzle: A Rebuttal of Carret's Fallacies and Errors," Working Papers hal-03849582, HAL.

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