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Post-Keynesian Models of Economic Growth: Open Systems

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  • Ghosh, Dipak

Abstract

The closed systems nature of neoclassical models of economic growth - guaranteeing automatic equality between planned savings and investment which, in turn, ensures stability of such models - is achieved by assuming away the existence of uncertainty inherent in economic systems. Once the role of Keynesian uncertainty is acknowledged, the assumption of automatic equality between ex-post savings and ex-ante investment becomes untenable. This paper attempts to show that once this possibility of planned savings and investment inequality is incorporated in an otherwise essentially neoclassical model of economic growth, its closed system nature disappears and the model metamorphoses itself into an open system.

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File URL: http://hdl.handle.net/1893/505
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Bibliographic Info

Paper provided by University of Stirling, Division of Economics in its series Stirling Economics Discussion Papers with number 2008-07.

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Date of creation: Jun 2008
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Handle: RePEc:stl:stledp:2008-07

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Postal: Division of Economics, University of Stirling, Stirling, Scotland FK9 4LA
Phone: +44 (0)1786 467473
Fax: +44 (0)1786 467469
Web page: http://www.econ.stir.ac.uk/
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Keywords: Keynesian uncertainty; technical progress function; Harrodian instability; growth and instability; closed systems; open systems;

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  1. Stein, Jerome L, 1969. ""Neoclassical" and "Keynes-Wicksell" Monetary Growth Models," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(2), pages 153-71, May.
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