Profit-driven and demand-driven investment growth and fluctuations in different accumulation regimes

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• 作者：Giovanni Dosi ; Mauro Sodini ; Maria Enrica Virgillito
• 关键词：Endogenous growth ; Business cycles ; Investment ; Predator ; prey dynamics ; Aggregate demand ; Accelerator ; Complex systems ; Non ; linearity ; Chaos theory ; E32 ; E11 ; E12 ; E17
• 刊名：Journal of Evolutionary Economics
• 出版年：2015
• 出版时间：September 2015
• 年：2015
• 卷：25
• 期：4
• 页码：707-728
• 全文大小：2,037 KB
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• 作者单位：Giovanni Dosi (1)
  Mauro Sodini (2)
  Maria Enrica Virgillito (1)
  
  1. Scuola Superiore Sant-Anna, P isa, Italy
  2. University of Pisa, Pisa, Italy
  
• 刊物主题：Economic Theory; Microeconomics; Economic Growth; R & D/Technology Policy; Entrepreneurship;
• 出版者：Springer Berlin Heidelberg
• ISSN：1432-1386

文摘

The main task of this work is to develop a model able to encompass, at the same time, Keynesian, demand-driven, and Marxian, profit-driven, determinants of fluctuations. Our starting point is the Goodwin model (1967), rephrased in discrete time and extended by means of a full coupled dynamics structure. The model adds the combined interaction of a demand effect, which resembles a rudimentary first approximation to an accelerator, and of a hysteresis effect in wage formation in turn affecting investments. Our model yields “business cycle-movements either by means of persistent oscillations, or chaotic motions. These two different dynamical paths accounting for the behaviour of the system are influenced by its (predominantly) profit-led or demand-led structures. Keywords Endogenous growth Business cycles Investment Predator-prey dynamics Aggregate demand Accelerator Complex systems Non-linearity Chaos theory