TY  - JOUR
AU  - Ito,Takatoshi
TI  - Disequilibrium Growth Theory:  The Kaldor Model
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 281
PY  - 1978
Y2  - September 1978
UR  - http://www.nber.org/papers/w0281
L1  - http://www.nber.org/papers/w0281.pdf
N1  - Author contact info:
Takatoshi Ito
Graduate School of Economics
University of Tokyo
7-3-1 Hongo, Bunkyo-ku
Tokyo 113-0033
JAPAN
Tel: 81-3-5841-5608
Fax: 81-3-5841-5521
E-Mail: tito@e.u-tokyo.ac.jp
AB  - Disequilibrium macroeconomic theory [e.g. Clower, and Barroand Grossman] is extended to deal with capital accumulation in the long run. A growth model a la Kaldor is chosen for a frame-work. The real wage is supposed to be adjusted slowly, therefore there may be excess demand or supply in the labor market. The transaction takes place at the minimum of supply and demand. Since income shares of workers and capitalists depend on which regime the labor market is in, different equations are associated to different regimes. Local stability of the steady state by the disequilibrium dynamics is demonstrated.
ER  -