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Endogenous Industrial Cycles in a Reshaped 'Neoclassical' Model

机译：重塑“新古典主义”模型中的内源性产业周期

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Two closely related mathematically sophisticated "neoclassical" models of economic growth (first with hidden, second, more general, with intended) economies of scale are considered. The main variables are relative wage and employment ratio, whereas a ratio of investment to profit is constant. The efficiency wage hypothesis supports equations for a growth rate of output per worker. Workers' competition for jobs is stabilizing and their fight for increased wages is destabilizing as revealed. In each model, a stationary state is locally asymptotically stable in a system of two ODEs. There is no possibility for endogenous industrial cycle. Reality requires negation of this incorrect denial. A third extended model, containing the greed feedback loops, reflects destabilizing cooperation and stabilizing competition of investors. In a system of three ODEs, rate of capital accumulation becomes the new main variable. Its targeted long-term decrease raises profit rate together with reducing relative wage and capital-output ratio. Oscillations imitating industrial cycles are endogenous. Crisis is a manifestation of relative and absolute over-accumulation of capital. Limit cycle with a period of about 6.75 years results from supercritical Andronov - Hopf bifurcation. The reality disagrees with the efficiency wage hypothesis applied in the analyzed models.
机译：两个密切相关的数学上复杂的“新古典主义”的经济增长模型（首先是隐藏，第二，更普遍，与预期的）规模经济。主要变量是相对工资和就业比率，而投资与利润的比率是恒定的。效率工资假设支持每个工人输出增长率的方程。工人对工作的竞争稳定，他们对增加工资的斗争是稳定的破坏性。在每个模型中，静止状态在两个余下的系统中是局部渐近的稳定性。内源性工业循环没有可能。现实需要否定这种不正确的拒绝。包含贪婪反馈循环的第三个扩展模型反映了投资者的稳定化合作和稳定竞争。在三个杂散的系统中，资本累积率成为新的主要变量。其目标长期减少将利润率降至降低相对工资和资本产出率。模仿工业循环的振动是内源性的。危机是资本相对和绝对积累的表现。限制周期，超临界Andronov - Hopf Burifation的一段时间约为6.75年。现实不同意分析模型中应用的效率工资假设。

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