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A workhorse model

In: Income Distribution, Growth and Unemployment

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Abstract

This Chapter presents the workhorse model used in the book in order to generalize the results obtained by referring to the so called prototypes growth cycle models. The model is rooted in the analysis of Minsky and Harrod and generalizes the previous results in two ways. On the one hand, it refers at the same time to the specific aspects considered in each model. This implies that aggregate demand, an endogenous aggregate supply, the financial sector along with monetary policy will be considered in their disequilibrium processes. On the other, it extends the dynamic pattern of income distribution which is considered within a bounded and persistent framework of fluctuations, which can be generated under rather general conditions. The dimension of the system is such that the results are obtained only by means of numerical simulations.

Suggested Citation

  • ., 2022. "A workhorse model," Chapters, in: Income Distribution, Growth and Unemployment, chapter 8, pages 105-119, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21213_8
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