Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution
نویسنده
چکیده
This paper compares Kaleckian and Harrodian models of accumulation. The simplicity of the canonical Kaleckian model is appealing but more complex Harrodian speci cations are preferable from a behavioral perspective. The local instability of Harrodian-inspired speci cations, moreover, o¤ers a uni ed understanding of both trend and cycles. JEL classi cation: E12, E32, O41
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