Wandering Around the Warranted Path: Dynamic Nonlinear Solutions to the Harrodian Knife-Edge

Abstract

Classical economics conceived of capitalism as an inherently expansive system which was ultimately regulated by its level of profitability. This approach reached its highest development in the works of Marx and Schumpeter, with their portrayal of a system driven by its inner mechanisms along erratic and periodically unstable paths of accumulation (Bleaney, 1976, ch. 6; Garegnani, 1978, pp. 183–5; Shaikh, 1984, section II). In what follows, I will refer to this overall perspective as the classical tradition. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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