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A Model of Accumulation

In: Essays in the Theory of Economic Growth

Author

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  • Joan Robinson

Abstract

Consider the most familiar piece of economic analysis: on the plane surface of the page of a text-book two curves are drawn, representing the flow of supply of a commodity per unit of time and the flow of demand for it, each as a function of price. They cut at the point E, where price is OP (on the y axis) and quantity traded OQ (on the x axis). We are accustomed to say that this represents a stable position of equilibrium if, at prices above OP, the supply curve lies to the right of the demand curve. What does this stability of equilibrium mean? Clearly it means that E is a possible, and the only possible, position of equilibrium in the situation depicted by the curves. Does it mean any more than that? It is often said that the picture shows that when price is above OP, it tends to fall towards E, and when it is below, to rise towards E. But this is by no means either clear or convincing.

Suggested Citation

  • Joan Robinson, 1962. "A Model of Accumulation," Palgrave Macmillan Books, in: Essays in the Theory of Economic Growth, chapter 0, pages 22-87, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-00626-7_2
    DOI: 10.1007/978-1-349-00626-7_2
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    Citations

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    Cited by:

    1. de Souza, Joao Paulo A., 2014. "Growth Complementarity Between Agriculture and Industry: Evidence from a Panel of Developing Countries," UMASS Amherst Economics Working Papers 2014-11, University of Massachusetts Amherst, Department of Economics.
    2. Nicolas Zagouras, 2001. "Variations des rapports des produits et des prix à partir d'un changement technique. Étude inspirée d'un modèle d'accumulation de Robinson-Eatwell et de celui de Marx révisé par Rosa Luxembourg," Innovations, De Boeck Université, vol. 14(2), pages 97-119.
    3. G. C. Harcourt, 2015. "Fusing indissolubly the cycle and the trend: Richard Goodwin’s profound insight," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(6), pages 1569-1578.
    4. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 109970, University Library of Munich, Germany.
    5. Di Domenico, Lorenzo, 2021. "Stability and determinants of the public debt-to-GDP ratio: an Input Output – Stock Flow Consistent approach," MPRA Paper 110460, University Library of Munich, Germany.
    6. Fernando A. Noriega Ureña & Ramón Tirado Jiménez, 2003. "Growth, Unemployment And Nonexistence Of Labor Market In A Ramsey Type Model," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 2(1), pages 3-22, Marzo 200.
    7. DiMaria, charles-henri, 2023. "Profitability, investment and capital productivity," MPRA Paper 118640, University Library of Munich, Germany.
    8. Köhler, Kasper, 2018. "The limits to profit-wage redistribution: Endogenous regime shifts in Kaleckian models of growth and distribution," IPE Working Papers 112/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    9. Nicolas Canry, 2005. "Wage-led Regime, Profit-led Regime and Cycles: a Model(French title for the publication: Régime wage-led, régime profit-led et cycles : un modèle)," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00149942, HAL.

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