Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution
This paper compares Kaleckian and Harrodian models of accumulation. The sim- plicity of the canonical Kaleckian model is appealing but more complex Harrodian specifications are preferable from a behavioral perspective. The local instability of Harrodian-inspired specifications, moreover, offers a unified understanding of both trend and cycles. JEL Categories: E12, E32, O41
|Date of creation:||Aug 2008|
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