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Wandering Around the Warranted Path: Dynamic Nonlinear Solutions to the Harrodian Knife-Edge

In: Nicholas Kaldor and Mainstream Economics

Author

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  • A. Shaikh

Abstract

Classical economics conceived of capitalism as an inherently expansive system which was ultimately regulated by its level of profitability. This approach reached its highest development in the works of Marx and Schumpeter, with their portrayal of a system driven by its inner mechanisms along erratic and periodically unstable paths of accumulation (Bleaney, 1976, ch. 6; Garegnani, 1978, pp. 183–5; Shaikh, 1984, section II). In what follows, I will refer to this overall perspective as the classical tradition.

Suggested Citation

  • A. Shaikh, 1991. "Wandering Around the Warranted Path: Dynamic Nonlinear Solutions to the Harrodian Knife-Edge," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 18, pages 320-334, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_18
    DOI: 10.1007/978-1-349-10947-0_18
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    Citations

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    Cited by:

    1. Anwar Shaikh, 2009. "Economic Policy In A Growth Context: A Classical Synthesis Of Keynes And Harrod," Metroeconomica, Wiley Blackwell, vol. 60(3), pages 455-494, July.
    2. Jamee K. Moudud, 2000. "Harrod versus Thirlwall: A Reassessment of Export-Led Growth," Macroeconomics 0012002, University Library of Munich, Germany.
    3. Marc Lavoie & Gabriel Rodriguez & Mario Seccareccia, 2004. "Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: A Theoretical and Empirical Investigation," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(2), pages 127-149.
    4. Óscar Dejuán, 2019. "Kaldor after Sraffa," Bulletin of Political Economy, Bulletin of Political Economy, vol. 13(1), pages 1-19, June.
    5. Nikolaos, Chatzarakis & Tsaliki, Persefoni, 2021. "The dynamics of capital accumulation in Marx and Solow," Structural Change and Economic Dynamics, Elsevier, vol. 57(C), pages 148-158.
    6. Jamee K. Moudud, 2000. "Finance in a Classical and Harrodian Cyclical Growth Model," Macroeconomics 0004036, University Library of Munich, Germany.
    7. Álvaro Martin Moreno Rivas, 2005. "Del filo de la navaja a la cáscara de nuez: un nuevo examen de la dinámica de Harrod," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 7(13), pages 101-132, July-Dece.

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