Concentric circles of limits to the rate of accumulation: an interpretation of Joan Robinson's theory of economic dynamics
In addition to her well-known contributions to the theory of capital, Joan Robinson provided, in her Accumulation of Capital and Essays in the Theory of Economic Growth, a theory about the determinants of the rate of growth. The growth rate was limited by entrepreneurs' animal spirits. Within that constraint, growth might be further limited by the inflation barrier, which could occur either because of a floor to real wages or because of full employment. This paper provides a series of simple dynamic models that illustrate these situations, drawing attention to this neglected aspect of her work and making it easier to compare her work with the monetary growth models produced by her neoclassical contemporaries.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 15 (2003)
Issue (Month): 4 ()
|Contact details of provider:|| Web page: http://www.tandfonline.com/CRPE20 |
|Order Information:||Web: http://www.tandfonline.com/pricing/journal/CRPE20|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- James Tobin, 1955. "A Dynamic Aggregative Model," Journal of Political Economy, University of Chicago Press, vol. 63, pages 103.
- Nagatani, Keizo, 1969. "A Monetary Growth Model with Variable Employment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(2), pages 188-206, May.
- Jerome L. Stein, 1966. "Money and Capacity Growth," Journal of Political Economy, University of Chicago Press, vol. 74, pages 451.
- Robinson, Joan, 1975. "The Unimportance of Reswitching," The Quarterly Journal of Economics, MIT Press, vol. 89(1), pages 32-39, February.
When requesting a correction, please mention this item's handle: RePEc:taf:revpoe:v:15:y:2003:i:4:p:457-466. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.