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Cambridge Journal of Economics Advance Access originally published online on March 27, 2006
Cambridge Journal of Economics 2007 31(1):41-54; doi:10.1093/cje/bel004
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Classical dynamics of disequilibrium

Carlo Benetti*, Christian Bidard* and Edith Klimovsky**

* Department of Economics, University of Paris X-Nanterre
** Metropolitan Autonomous University, Mexico

Address for correspondence: Christian Bidard, Department of Economics, University of Paris X-Nanterre, 200 Avenue de la République, F-92001 Nanterre, France; email: christian.bidard{at}u-paris10.fr

This paper studies the dynamics of a disequilibrium model of classical inspiration from a non-gravitational perspective. In each sector, capitalists decide on rates of accumulation that are revised if the desired rates are not feasible. The dynamics differ according to the hypotheses retained (cyclical growth interspersed by crises, convergence towards a stationary state or towards a regular but sluggish growth). These results are compared with those of the classical and Keynesian theories.

Key Words: Accumulation • Crisis • Disequilibrium • Dynamics • Reproduction • Classical theory

JEL classifications: E11, E30, E32, O41

Manuscript received December 6, 2004; final version received December 9, 2005.


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