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Instability in a Market Economy and the Harrod Growth Model

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Author Info
Ghosh, Dipak

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Abstract

What is very often overlooked in the literature is that the Harrod's Post- Keynesian growth model is more to do with the problem of instability in a market economy which is caused by the role of expectations of the investors. The neoclassical model of growth due to Solow achieves stability not due to its assumption of smooth twice differentiable production function but assuming away the role of uncertainty.

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File URL: http://hdl.handle.net/1893/1196
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Publisher Info
Paper provided by University of Stirling, Department of Economics in its series Stirling Economics Discussion Papers with number 2009-11.

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Date of creation: May 2009
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Handle: RePEc:stl:stledp:2009-11

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Postal: Department of Economics, Stirling, Stirling, Scotland FK9 4LA
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Web page: http://www.econ.stir.ac.uk/
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Related research
Keywords: Open system; Uncertainty; Role of Expectation; Post-Keynesian Growth; Instability;

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This page was last updated on 2009-11-13.

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