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Complex dynamics in a Pasinetti-Solow model of growth and distribution

  • Pasquale Commendatore

    (Dipartimento di Teoria Economica e Applicazioni, Università di Napoli 'Federico II', I-80138, Napoli Italy)

In this paper, we study some of the properties of a discrete-time version of the two-class model of growth and distribution proposed by Pasinetti (1962) and Samuelson and Modigliani (1966) with a concave production function of the CES type. Two distinct groups of agents, workers and capitalists, exist. Following Chiang (1973), we assume that the first group saves out of wages and profits by applying to these income sources propensities to save which are not necessarily equal. Capitalists’ saving originates only from capital income. The model is two-dimensional involving distributive processes that occur not only between factor shares but also between the two groups in the economy. We explore through simulations the large variety of dynamic behaviours that emerge from this formulation.

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File URL: http://econwpa.repec.org/eps/mac/papers/0511/0511006.doc
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Paper provided by EconWPA in its series Macroeconomics with number 0511006.

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Length: 28 pages
Date of creation: 03 Nov 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0511006
Note: Type of Document - doc; pages: 28
Contact details of provider: Web page: http://econwpa.repec.org

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