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Reproduction and temporary disequilibrium: 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

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

  • Antoine Rebeyrol

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

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.

Suggested Citation

  • Carlo Benetti & Christian Bidard & Edith Klimovsky & Antoine Rebeyrol, 2010. "Reproduction and temporary disequilibrium: a Classical approach," Working Papers hal-04140904, HAL.
    • Handle: RePEc:hal:wpaper:hal-04140904
    Note: View the original document on HAL open archive server: https://hal.science/hal-04140904
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    References listed on IDEAS

    as
    1. 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.
    2. 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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    2. 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.

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