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Harrod's Dynamics and the Kaldor-Thirlwall Export-led Growth

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Author Info
Celo, Giuseppe () (Dipartimento di Scienze Economiche Universitàdi Bari)
Sportelli, Mario () (Dipartimento di Scienze Economiche Universitàdi Bari)

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Abstract

This paper investigates an open economy macrodynamic model on Harrodian lines. The analysis starts with a reconsideration of the post-Keynesian Thirlwall’s approach to growth in open economy. We cast doubt on the Thirlwall idea aimed at rendering the concept of Harrod’s foreign trade multiplier genuinely consistent with Harrod’s dynamics. Following a different procedure from Thirwall’s approach, we start from Harrod’s dynamics in a closed economy and investigate what happens when the foreign trade is introduced. An important result of our model is that, according to Harrod’s intuition, there is less cyclical instability in the open economy than in the closed one where chaotic instability prevails. Dynamics in our model exhibits a limit cycle. Finally, the model shows that the possibility of an export-led growth strictly depends on the technical progress dynamics.

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File URL: http://www.unisa.it//download/75_359_1847615584_104_dp.pdf
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Publisher Info
Paper provided by CELPE (Centre of Labour Economics and Economic Policy), University of Salerno, Italy in its series CELPE Discussion Papers with number 104.

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Length: 58 pages
Date of creation: 01 Oct 2007
Date of revision:
Handle: RePEc:sal:celpdp:0104

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Related research
Keywords: International trade; Growth; Business fluctuations;

Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
F10 - International Economics - - Trade - - - General

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This page was last updated on 2009-11-26.

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