Arbeitspapier
Profit-driven and deman-driven investment growth and fluctuations in different accumulation regimes
The main task of this work is to develope a model able to encompass, at the same time, Keynesian, demand-driven, and Marxian, profit-driven determinants of fluctuations. Our starting point is the Goodwin's model (1967), rephrased in discrete time and extended by means of a coupled dynamics structure. The model entails the combined interaction of a demand effect, which resembles a rudimentary first approximation to an accelerator, and of a hysteresis effect in wage formation in turn affecting investments. Our model yields business cycle movements either by means of persistent harmonic oscillations, or chaotic motions. These two different dynamical paths accounting for the behaviour of the system are influenced by its (predominantly) profit-led or wage-led structures.
- Language
-
Englisch
- Bibliographic citation
-
Series: LEM Working Paper Series ; No. 2013/24
- Classification
-
Wirtschaft
Business Fluctuations; Cycles
General Aggregative Models: Marxian; Sraffian; Kaleckian
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
General Aggregative Models: Forecasting and Simulation: Models and Applications
- Subject
-
Endogenous Growth
Business Cycles
Investment
Aggregate Demand
Complex Systems
Nonlinear Dynamics
Chaos Theory
- Event
-
Geistige Schöpfung
- (who)
-
Dosi, Giovanni
Sodini, Mauro
Virgillito, Maria Enrica
- Event
-
Veröffentlichung
- (who)
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Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
- (where)
-
Pisa
- (when)
-
2013
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Dosi, Giovanni
- Sodini, Mauro
- Virgillito, Maria Enrica
- Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM)
Time of origin
- 2013
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