By American Economic Association/Royal Economic Society
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Extra info for Surveys of Economic Theory: Growth and Development
Some formalisations of the model support Harrod's main conclusion, while others do not, and yet others conclude that it depends on the exact values taken by the parameters. This is not surprising when we consider how sensitive dynamic models are to the precise assumptions made. It is also possible for the model to yield oscillations; the assumptions are indeed very close to 1 To illustrate let v* be the steady state, and v, the actual capital-output ratio. If the steady state is relatively stable v, + v* as t + oo.
1, this is in the same spirit as Rose's formulation. The rate at which accumulation changes depends on the discrepancy between the desired and actual accumulation rates: But we have 1: = ~t ~t = c(~e* - ~~); c >0 (10) and multiplying both sides of this by v = Kt* 7G- --s- 1 1 - ~,v (11) Substituting (11) into (9) and thence into (10) allows us to solve ~t K;: gives for~~: =-sv + ( ~o--vs) ec(~- 1) t Evidently ~~ + : as t + oo if, and only if, h
Sw) + Sw-v- We may grant s,. ,p. If workers save (sw > 0) they must come to own some of the capital stock, and to that extent become capitalists. The foregoing treatment of s,. and s10 as indepenaently given constants implies that sis independent of the distribution of profits between persons. The essential distinction drawn is between the saving propensities out of different classes of income, not of different classes of person; one may think, for example, of a situation in which everyone has the same propensity to save out of personal disposable income, but a proportion of profits is saved by corporations before distribution to persons.