Classical Dynamics of Disequilibrium

Posted: 16 Jun 2008

See all articles by Carlo Benetti

Carlo Benetti

Université Paris Ouest - Nanterre, La Défense - EconomiX

Christian Bidard

Université Paris X Nanterre

Edith Klimovsky

Metropolitan Autonomous University

Date Written: January 2007

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.

Keywords: Accumulation, Crisis, Disequilibrium, Dynamics, Reproduction, Classical theory

JEL Classification: E11, E30, E32, O41

Suggested Citation

Benetti, Carlo and Bidard, Christian and Klimosvsky, Edith Alicia, Classical Dynamics of Disequilibrium (January 2007). Cambridge Journal of Economics, Vol. 31, Issue 1, pp. 41-54, 2007, Available at SSRN: https://ssrn.com/abstract=1145415 or http://dx.doi.org/10.1093/cje/bel004

Carlo Benetti (Contact Author)

Université Paris Ouest - Nanterre, La Défense - EconomiX ( email )

200 Avenue de la République
Nanterre cedex, Nanterre Cedex 92000
France

Christian Bidard

Université Paris X Nanterre ( email )

Room G301, Building G
92001 Nanterre Cedex, 92001
France

Edith Alicia Klimosvsky

Metropolitan Autonomous University ( email )

Calzada del Hueso 1100
Coyoacan
Mexico, 04960
Mexico

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