Effective Demand, Class Struggle and Cyclical Growth
The paper presents an analytical model of endogenous cyclical growth in a pure capitalist economy. The model integrates Keynesian ideas on effective demand with a Marxian emphasis on class struggle and the reserve army of labor. For reasonable parameter values, the model has a unique (nontrivial) balanced growth equilibrium; the equilibrium is unstable; and using the Poincare-Bendixson theorem, it is shown that the economy will exhibit perpetual fluctuations around the balanced growth path. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Volume (Year): 30 (1989)
Issue (Month): 1 (February)
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