Disequilibrium Growth Theory: The Kaldor Model / Takatoshi Ito.

Format:

Book

Author/Creator:

Ito, Takatoshi.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w0281.

NBER working paper series no. w0281

Language:

English

Subjects (All):

Economic development--Mathematical models.

Economic development.

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Disequilibrium Growth Theory

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1978.

Cambridge, Mass. : National Bureau of Economic Research, 1978.

Summary:

Disequilibrium macroeconomic theory [e.g. Clower, and Barroand Grossman] is extended to deal with capital accumulation in the long run. A growth model a la Kaldor is chosen for a frame-work. The real wage is supposed to be adjusted slowly, therefore there may be excess demand or supply in the labor market. The transaction takes place at the minimum of supply and demand. Since income shares of workers and capitalists depend on which regime the labor market is in, different equations are associated to different regimes. Local stability of the steady state by the disequilibrium dynamics is demonstrated.

Notes:

Print version record

September 1978.