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Harrodian instability in a post-Keynesian growth and distribution model

机译：后凯恩斯式增长和分布模型中的Harrodian不稳定

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This article examines afresh the problem of Harrodian instability by incorporating into a post-Keynesian growth model an additional link, first proposed by Adrian Wood (A theory of profit, 1975), between firms' pricing policies (which determine their profit margins) and their accumulation policies. It is assumed that firms' pricing strategies are wholly linked to their need to self-finance some of their investments. Such a link suggests, a priori, that there is an endogenous self-correcting force, originating at the micro-level, that is capable of mitigating Harrodian instability. When investment increases or declines uncontrolledly, the variation in the accompanying profit margin is able to exert a contrary smoothing effect on effective demand (through changes in the multiplier). It is shown, firstly, that this effect is such that it leads to the emergence of a basin of attraction for multiple stationary growth rates. However, there is every likelihood that the growth rates in this basin of attraction will be higher than the natural growth rate (and will therefore be unsustainable in the long term). It is shown, secondly, that a sufficiently high budget deficit makes it possible to draw the convergent growth rate space towards a state of stationary equilibrium within the "sphere of the possible". It is shown, finally, that the state has sufficient room for manoeuvre to arbitrate between competing objectives (employment-distribution-budget deficit) by virtue of the existence of a whole continuum of stationary equilibria.
机译：本文通过在凯恩斯主义之后的增长模型中加入由Adrian Wood（利润理论，1975年）首先提出的公司定价政策（决定其利润率）与公司定价之间的附加联系，从而重新审视了Harrodian不稳定问题。积累政策。假设公司的定价策略与他们为某些投资自筹资金的需求完全相关。这种联系先验地表明，存在着一种内源性的自校正力，其源于微观层面，能够缓解哈罗狄安不稳定性。当投资不受控制地增加或减少时，伴随的利润率的变化能够对有效需求产生相反的平滑作用（通过乘数的变化）。首先表明，这种影响使得它导致了多个固定增长率的吸引盆的出现。但是，这个吸引力盆地的增长率很可能会高于自然增长率（因此从长远来看是不可持续的）。其次，表明足够高的预算赤字可以将趋同的增长率空间拉向“可能范围”内的稳定均衡状态。最终表明，由于存在完整的平稳均衡连续体，国家有足够的回旋余地在竞争目标（就业－分配－预算赤字）之间进行仲裁。

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