1,720,980 research outputs found
On The Origins of Non-Proportional Economic Dy-namics: A Note on Tugan-Baranowsky’s Traverse Analysis
No full textThe article deals with some aspects of Tugan-Baranowsky’s contribution. Section 1 presents a brief explanation of Tugan’s disproportionality crisis theory. Section 2 gives a brief account of Tugan’s business cycle theory, since, as the author maintained, the latter would be organically connected with his disproportionality theory. Section 3 is devoted to Tugan’s analysis of an economic system in the presence of different intersectoral growth rates: unbalanced growth is assured by a traverse along
which surplus value migrates to the sector which grows faster. In the concluding section, we maintain that Tugan-Baranowsky comes out as a pioneer in the field of non-proportional economic dynamics
Il contributo di Allyn A. Young all’Encyclopaedia Britannica
No full textThe article deals with A.A. Young’s contribution to the Encyclopaedia Britannica (14th ed., 1929). We argue that the 11 entries that Young wrote represent a sort of summary of the author’s economic thought, particularly in reference to his “increasing returns theory”, to his concept of equilibrium (in economics) and, more in general, to his view about the nature and the significance of economic theory. The main conclusion is that these entries, as a whole, may help us to reconstruct Young’s intellectual personality and theoretical approach, an approach that identifying economics as a “communal or political science” appears quite inconsistent with the neoclassical paradigm
Reconstructing Allyn A. Young’s Theory of Increasing Returns
No full textThis paper deals with Young’s theory of increasing returns taking into account not only his 1928 article, but also various indications
to be found in other works. I maintain that the logic of Young’s
analysis is based on a multisectoral model subject to
quantitative-qualitative transformations. Such a view enables us to
understand the author’s emphasis on intersectoral proportionality and
his attempt to explain the economic dynamics in the presence of
different intersectoral growth rates. In the conclusions the value of
Young’s analysis is particularly stressed, in that it represents an
interesting request for a paradigmatic shift in the analysis of
capitalist economies
Transitions to Chaos in a Seven-Equation Model of the Business Cycle with Income Redistribution and Private Debt
No full textIn the present paper, we investigate the chaotic implications of a seven-equation model of the business cycle. The main distinguishing features of the model are related to: (a) the role played by the bargaining power in the process of income redistribution; (b) the consideration of hysteresis effects on workers’ consumption demand; (c) the effect of public expenditure on labor productivity. In addition, the role played by the agents’ memory on the actual dynamics of the economic system, with particular regard to their learning-by-doing process, is particularly emphasized. Under all these assumptions, the system exhibits a rich and complex phenomenology, characterized by a number of transitions to chaos (in particular via sequences of period doubling bifurcations), aperiodic behavior, bistability, tristability, etc. We maintain that our analysis takes us another step forward in the building of a more general model of the business cycle. In particular, the model we propose may be of help in the explanation of some peculiar features of advanced capitalist economies, with particular regard to the role played by the State in the determination of agents’ disposable income, to the debt dynamics of the various macroagents, and to the main dilemmas of economic policy. More in general, the main lesson one learns from our investigation is that “disequilibrium paths”, characterized by “complicated” dynamics which, more often than not, takes the form of aperiodic motion, should be considered as the “normal” state of the system
Taxation, income redistribution and debt dynamics in a seven-equation model of the business cycle
No full textIn this paper we investigate the economic dynamics of a seven-equation model of the business cycle. The main distinctive features of the model are related to: (a) the role played by the public sector in redeploying income between workers and capitalists, since it is assumed that the bargaining power of the two classes affects tax rates and transfers levied upon them; (b) the influence that past events have on the agents’ current behavior, with particular regard to consumption patterns; (c) the specification of firms’ investment function, which incorporate Keynesian and Harrodian elements by assuming that investments are a function of both the difference between interest and profit rate and the discrepancy between actual and desired capital to output ratio. Since all these assumptions imply possible balance sheets disequilibrium, particular regard is dedicated to the analysis of macroagents’ debt dynamics. Special emphasis is placed on the analysis of the destabilization of equilibria via Hopf bifurcations, which leads to the emergence of an interesting and rich cyclical dynamics
Auguste Ott on commercial crises and distributive justice: An early reproduction scheme
No full textIn 1851 the French Social economist Auguste Ott discussed the problem of gluts and commercial crises, together with the issue of distributive justice between workers in co-operative societies. He did so by means of a ‘simple reproduction scheme’ sharing some features with modern intersectoral transactions tables, in particular in terms of their graphical representation. The paper presents Ott’s theory of crises (which was based on the disappointment of expectations) and the context of his model, and discusses its peculiarities, supplying a new piece for the reconstruction of the prehistory of input-output analysis
The Production Function and Macroeconomic Analysis: An Impossible Linkage, Structural Change and Economic Dynamics
No full text- …
