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- Title
Classical dynamics of disequilibrium.
- Authors
Benetti, Carlo; Bidard, Christian; Klimovsky, Edith
- Abstract
This paper studies the dynamics of a disequilibrium model of classical inspiration from a non-gravitational perspective. In each sector, capitalists decide on rates of accumulation that are revised if the desired rates are not feasible. The dynamics differ according to the hypotheses retained (cyclical growth interspersed by crises, convergence towards a stationary state or towards a regular but sluggish growth). These results are compared with those of the classical and Keynesian theories.
- Subjects
ECONOMIC equilibrium; INVESTORS; KEYNESIAN economics; CAPITALISM; STAGNATION (Economics); ECONOMICS
- Publication
Cambridge Journal of Economics, 2007, Vol 31, Issue 1, p41
- ISSN
0309-166X
- Publication type
Article
- DOI
10.1093/cje/bel004