Classical Dynamics of Disequilibrium
Posted: 16 Jun 2008
Date Written: January 2007
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.
Keywords: Accumulation, Crisis, Disequilibrium, Dynamics, Reproduction, Classical theory
JEL Classification: E11, E30, E32, O41
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