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Cambridge Journal of Economics 25:79-96 (2001)
Copyright © 2001 Cambridge Political Economy Society

Article

Harrod's dynamics and the theory of growth: the story of a mistaken attribution

D Besomi

CP7, 6950 Gola di Lago, Switzerland
E-mail: dbesomi@cscs.ch

Abstract

Post-Keynesian growth theory is normally seen as originating from Harrod's 1939 'Essay in Dynamic Theory'. Harrod, however, was trying to lay the foundations of a new approach to economic dynamics, and often complained of misinterpretation. In this paper, the grounds of Harrod's argument are examined and compared with the 'textbook' interpretation. The latter is shown to be extremely reductive, as it ignores both Harrod's interest in the trade cycle and his methodological criticism of the 'time-lag theories of the cycle', and it also underrates the interesting implications of his non-linear approach and the epistemic implications of the instability principle.

Key Words: Harrod • dynamics • growth theory • instability • trade cycle


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