By reconsidering the concept of normal degree of utilization in view of the fact that growth occurs through irregular fluctuations, the paper points out elements of weakness in the formalizations of the principles that underlie the notion of Harrodian instability. Since the latter was at the origin of the adoption of fully adjusted positions to represent long-term trends of the economy, such arguments call into question this way of addressing demand-led growth.
Trezzini, A. (2021). Harrodian Instability: an Unhelpful Analytical Concept. THE REVIEW OF RADICAL POLITICAL ECONOMICS, 53(2), 320-336 [10.1177/0486613420967201].
Harrodian Instability: an Unhelpful Analytical Concept
Attilio Trezzini
2021-01-01
Abstract
By reconsidering the concept of normal degree of utilization in view of the fact that growth occurs through irregular fluctuations, the paper points out elements of weakness in the formalizations of the principles that underlie the notion of Harrodian instability. Since the latter was at the origin of the adoption of fully adjusted positions to represent long-term trends of the economy, such arguments call into question this way of addressing demand-led growth.File in questo prodotto:
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