Working Paper Number
This paper compares Kaleckian and Harrodian models of accumulation. The simplicity of the canonical Kaleckian model is appealing but more complex Harrodian specifications are preferable from a behavioral perspective. The local instability of Harrodian-inspired specifications, moreover, offers a unified understanding of both trend and cycles.
Skott, Peter, "Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution" (2008). Economics Department Working Paper Series. 14.
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