The Author presents an in depth analysis of the properties of a more general endogenous dynamic model with the help of a mathematical appendix. This model helps explore not only the different dynamic movements, which may follow from the interaction of the multiplier and the principle of acceleration, but also the consequences to the stability of the system deriving from the interrelations between the movements of income and those of the stock of capital. The model is used to explain why all the other theories presented in the paper are unable to explain cyclical movements and growth movements together.
La versione italiana "Fluttuazioni cicliche e sviluppo economico" è stata pubblicata in L'Industria, n.1., pp. 18-50.
Pasinetti, L. L., Cyclical Fluctuations and Economic Growth, <<OXFORD ECONOMIC PAPERS>>, 1960; 12 (2): 215-241. [doi:10.1093/oxfordjournals.oep.a040844] [http://hdl.handle.net/10807/66015]
Cyclical Fluctuations and Economic Growth
Pasinetti, Luigi Lodovico
1960
Abstract
The Author presents an in depth analysis of the properties of a more general endogenous dynamic model with the help of a mathematical appendix. This model helps explore not only the different dynamic movements, which may follow from the interaction of the multiplier and the principle of acceleration, but also the consequences to the stability of the system deriving from the interrelations between the movements of income and those of the stock of capital. The model is used to explain why all the other theories presented in the paper are unable to explain cyclical movements and growth movements together.
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