| Popis: |
In this paper I aim to show through an analysis from a history of economic thought perspective that Harrod's famous model, An Essay in Dynamic Theory (1939), can be considered a fundamental example of cumulative growth circle. Having described the original model, I then go on to examine the meaning of dynamic analysis and instability in Harrod's approach, analyzing respectively the debates between Asimakopulos and Kregel and between Harrod and Keynes. Finally, I describe the main properties of Harrod cumulative growth circle by comparing Harrod's model to Domar's (1946). I argue that Harrod's growth approach is very different from the mainstream version. |
