In some recent works on the dynamics of capitalistic competition Duménil and Lévy proposed two ways to overcome the problem of instability of long-run equilibrium in cross-dual models of gravitation: in the first one a different notion of rate of profit, the "realised" rate of profit is supposed to drive capitalists' investment decisions; in the second one the goal is pursued by introducing a direct adjustment of output in response to imbalances between demand and supply. In the present paper we argue that both these procedures rise a logical problem, concerning capitalists' behaviour and their information set, and we present a re-formulation of the model that avoids it.
Bellino, E., Convergence to Long-Run Equilibrium - On some Recent Variations of the Pure Cross-Dual Model, <<STRUCTURAL CHANGE AND ECONOMIC DYNAMICS>>, 1999; 10 (10): 225-237 [http://hdl.handle.net/10807/60677]
Autori: | |
Titolo: | Convergence to Long-Run Equilibrium - On some Recent Variations of the Pure Cross-Dual Model |
Data di pubblicazione: | 1999 |
Abstract: | In some recent works on the dynamics of capitalistic competition Duménil and Lévy proposed two ways to overcome the problem of instability of long-run equilibrium in cross-dual models of gravitation: in the first one a different notion of rate of profit, the "realised" rate of profit is supposed to drive capitalists' investment decisions; in the second one the goal is pursued by introducing a direct adjustment of output in response to imbalances between demand and supply. In the present paper we argue that both these procedures rise a logical problem, concerning capitalists' behaviour and their information set, and we present a re-formulation of the model that avoids it. |
Lingua: | Inglese |
Rivista: | |
Citazione: | Bellino, E., Convergence to Long-Run Equilibrium - On some Recent Variations of the Pure Cross-Dual Model, <<STRUCTURAL CHANGE AND ECONOMIC DYNAMICS>>, 1999; 10 (10): 225-237 [http://hdl.handle.net/10807/60677] |
Appare nelle tipologie: | Articolo in rivista, Nota a sentenza |