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Disequilibrium, Reproduction and Money: a Classical Approach

Author

Listed:
  • Carlo Benetti

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Christian Bidard

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Edith Klimovsky
  • Antoine Rebeyrol

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

We consider a bisector reproduction model in which money is introduced as a pure means of exchange issued by a bank at the producers' requests. Each capitalist aims at maximizing accumulation in his own sector. Their plans are based on available quantities and expected prices. Effective prices are determined by a market mechanism. Temporary disequilibria occur in both physical and monetary terms. The settlement of the monetary balances is operated by means of a transfer of capital goods. Final allocations and effective productions are thus determined. The dynamics of the economy are those of a sequence of temporary disequilibria and let appear several possibilities (local or global stability, cycles) depending on the values of the parameters.

Suggested Citation

  • Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2014. "Disequilibrium, Reproduction and Money: a Classical Approach," Post-Print hal-01385927, HAL.
    • Handle: RePEc:hal:journl:hal-01385927
    DOI: 10.1111/meca.12051
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    Cited by:

    1. Frank Beckenbach, 2020. "A value-theoretic approach to economic dynamics and evolution—synthesizing different Marxian modules in a simulation model," Review of Evolutionary Political Economy, Springer, vol. 1(2), pages 221-243, August.

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