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Time to build in dynamics of economic models. II: Models of economic growth. (English) Zbl 1056.91050

For Part I, cf. ibid. 14, No. 5, 697–703 (2002; Zbl 1008.91078).
The goal of this paper is to show the vitality of Kalecki’s ideas using the example of his proposition of the time for building investment goods as the source of cyclic behaviour in economic systems. For the proof modern methods of analyzing bifurcation in functional equations are used. The main contributions of the author are:
a) showing that the mechanism of inherent cycles which is a result of applying Kalecki’s approach to growth theory is universal and applies to all fundamental theories of ecnomic growth in which the time for building investment goods is introduced;
b) showing that applying dynamical optimization to fundamental models of growth theory also leads to cyclic behaviour representated by a saddle limit cycle in phase space.

MSC:

91B62 Economic growth models
34K60 Qualitative investigation and simulation of models involving functional-differential equations

Citations:

Zbl 1008.91078
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References:

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