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Reproduction And Temporary Disequilibrium: A Classical Approach

Author

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  • Carlo Benetti
  • Christian Bidard
  • Edith Klimovsky
  • Antoine Rebeyrol

Abstract

We build a bisector reproduction model with classical features in which the capitalists aim at maximizing accumulation of their profits. At variance with gravitation models, it is assumed that they invest their profits in their own industry. Their plans are based on actual productions and expected prices. Effective prices and effective allocations of resources are determined by a market-clearing mechanism. A simple law on the formation of expectations allows us to define the dynamics of disequilibria, which let appear endogenous self-sustained fluctuations, around a long-run path. The long-run rate of growth and the amplitude of the fluctuations depend on the initial conditions.
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Suggested Citation

  • Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2012. "Reproduction And Temporary Disequilibrium: A Classical Approach," Metroeconomica, Wiley Blackwell, vol. 63(4), pages 614-633, November.
    • Handle: RePEc:bla:metroe:v:63:y:2012:i:4:p:614-633
    DOI: j.1467-999X.2012.04157.x
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    References listed on IDEAS

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    1. Giancarlo De Vivo, 1986. "Torrens On Value And Distribution," Contributions to Political Economy, Cambridge Political Economy Society, vol. 5(1), pages 23-36.
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    Cited by:

    1. Stefania Tescari & Andrea Vaona, 2014. "Regulating Rates of Return Do Gravitate in US Manufacturing!," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 377-396, July.
    2. Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2014. "Disequilibrium, Reproduction and Money: a Classical Approach," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 524-540, July.
    3. Li, Wu, 2015. "The Exchange Function and A Dynamic Exchange Model," MPRA Paper 68529, University Library of Munich, Germany.
    4. Rog?rio Arthmar & Taro Hisamatsu, 2021. "Robert Torrens on Say?s Law and the General Glut," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 10(1), pages 83-105.

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    1. Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2010. "Reproduction and temporary disequilibrium: a Classical approach," Working Papers hal-04140904, HAL.

    More about this item

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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