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Harrod's Dynamics and the Theory of Growth: The Story of a Mistaken Attribution

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  • Besomi, Daniele

Abstract

Post-Keynesian growth theory is normally seen as originating from Harrod's 1939 "Essay in Dynamic Theory". Harrod, however, was trying to lay the foundations of a new approach to economic dynamics, and often complained of misinterpretation. In this paper, the grounds of Harrod's argument are examined and compared with the "textbook" interpretation. The latter is shown to be extremely reductive, as it ignores both Harrod's interest in the trade cycle and his methodological criticism of the "time-lag theories of the cycle", and it also underrates the interesting implications of his non-linear approach and the epistemic implications of the instability principle. Copyright 2001 by Oxford University Press.

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  • Besomi, Daniele, 2001. "Harrod's Dynamics and the Theory of Growth: The Story of a Mistaken Attribution," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(1), pages 79-96, January.
    • Handle: RePEc:oup:cambje:v:25:y:2001:i:1:p:79-96
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    Cited by:

    1. Luca Fiorito & Matías Vernengo, 2009. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Journal of Economic Issues, Taylor & Francis Journals, vol. 43(4), pages 899-916.
    2. Daniele Besomi, 2002. "Lowe's and Hayek's influence on Harrod's trade cycle theory," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(1), pages 42-56.
    3. Hsu, Sara & Li, Jianjun, 2012. "“Ideal” financial development and financial overaccumulation," MPRA Paper 38035, University Library of Munich, Germany.
    4. Esteban Pérez Caldentey & Matías Vernengo, 2016. "Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism," Cambridge Journal of Economics, Oxford University Press, vol. 40(6), pages 1725-1741.
    5. Salahodjaev, Raufhon, 2014. "Институты И Экономический Рост: Результаты Эмпирического Анализа [Institutions and Economics Growth: Results of Empirical Analysis]," MPRA Paper 55628, University Library of Munich, Germany.
    6. Mauro BoianovskyBy, 2017. "Optimum saving and growth: Harrod on dynamic welfare economics," Oxford Economic Papers, Oxford University Press, vol. 69(4), pages 1120-1137.
    7. Jamee K. Moudud, 2010. "Strategic Competition, Dynamics, and the Role of the State," Books, Edward Elgar Publishing, number 4241.
    8. Attilio Trezzini, 2021. "Harrodian Instability: An Unhelpful Analytical Concept," Review of Radical Political Economics, Union for Radical Political Economics, vol. 53(2), pages 320-336, June.

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