Revisiting the Old Theory of Cyclical Growth: Harrod, kaldor cum schumpeter Korkut A. Erturk

The paper argues that Harrodian instability can be thought of as the motor force of long period expansions and contractions. Secondly, by showing how a revised Harrodian model can yield a limit cycle in the rate of accumulation, the paper argues that the turning points in these long cycles can be explained by a nonlinear Kaldorian savings function and a variable scrapping rate.

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