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Classical dynamics of disequilibrium

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  • Carlo Benetti
  • Christian Bidard
  • Edith Klimovsky

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. Copyright 2007, Oxford University Press.

Suggested Citation

  • Carlo Benetti & Christian Bidard & Edith Klimovsky, 2007. "Classical dynamics of disequilibrium," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(1), pages 41-54, January.
    • Handle: RePEc:oup:cambje:v:31:y:2007:i:1:p:41-54
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    File URL: http://hdl.handle.net/10.1093/cje/bel004
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    Cited by:

    1. Eduardo Bolanos & Alexander Tobón, 2009. "Equilibrio y desequilibrio en la teoría de los precios de reproducción," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 27(60), pages 216-247, December.
    2. Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2010. "Reproduction and temporary disequilibrium: a Classical approach," Working Papers hal-04140904, HAL.

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