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Reproduction and temporary disequilibrium: a Classical approach

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Author Info

  • Carlo Benetti
  • Christian Bidard
  • Edith Klimovsky
  • Antoine Rebeyrol

Abstract

We build a bisector reproduction model with classical features in which the capitalists aim at maximizing accumulation of their profits. At variance with gravitation models, it is assumed that they invest their profits in their own industry. Their plans are based on actual productions and expected prices. Effective prices and effective allocations of resources are determined by a market-clearing mechanism. A simple law on the formation of expectations allows us to define the dynamics of disequilibria, which let appear endogenous self-sustained fluctuations, around a long-run path. The long-run rate of growth and the amplitude of the fluctuations depend on the initial conditions.

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File URL: http://economix.fr/pdf/dt/2010/WP_EcoX_2010-23.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2010-23.

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Length: 24 pages
Date of creation: 2010
Date of revision:
Handle: RePEc:drm:wpaper:2010-23

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Keywords: Classical Reproduction; Market prices; Disequilibrium; Growth; Cycle;

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Cited by:
  1. Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2014. "Disequilibrium, reproduction and money: a Classical approach," EconomiX Working Papers 2014-10, University of Paris West - Nanterre la Défense, EconomiX.
  2. Stefania Tescari & Andrea Vaona, 2013. "Regulating rates of return do gravitate in US manufacturing!," Working Papers 19/2013, University of Verona, Department of Economics.

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