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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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Bibliographic Info

Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

Volume (Year): 25 (2001)
Issue (Month): 1 (January)
Pages: 79-96

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Handle: RePEc:oup:cambje:v:25:y:2001:i:1:p:79-96

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Cited by:
  1. Luca Fiorito & Matías Vernengo, 2008. "The Other J.M.: John Maurice Clark and the Keynesian Revolution," Working Paper Series, Department of Economics, University of Utah 2008_07, University of Utah, Department of Economics.
  2. Hsu, Sara & Li, Jianjun, 2012. "“Ideal” financial development and financial overaccumulation," MPRA Paper 38035, University Library of Munich, Germany.
  3. Esteban Pérez Caldentey & Matias Vernengo, 2013. "Reading Keynes in Buenos Aires: Prebisch and the Dynamics of Capitalism," Working Paper Series, Department of Economics, University of Utah 2013_08, University of Utah, Department of Economics.
  4. 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.
  5. 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.

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