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Appears in Collections:Economics Working Papers
Peer Review Status: Unrefereed
Title: Post-Keynesian Models of Economic Growth: Open Systems
Author(s): Ghosh, Dipak
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Citation: Ghosh D (2008) Post-Keynesian Models of Economic Growth: Open Systems. Stirling Economics Discussion Paper, 2008-07.
Keywords: open systems
closed systems
growth and instability
Harrodian instability
technical progress function
Keynesian uncertainty
JEL Code(s): B41
Issue Date: Jun-2008
Series/Report no.: Stirling Economics Discussion Paper, 2008-07
Abstract: The closed systems nature of neoclassical models of economic growth – guaranteeing automatic equality between planned savings and investment which, in turn, ensures stability of such models – is achieved by assuming away the existence of uncertainty inherent in economic systems. Once the role of Keynesian uncertainty is acknowledged, the assumption of automatic equality between ex-post savings and ex-ante investment becomes untenable. This paper attempts to show that once this possibility of planned savings and investment inequality is incorporated in an otherwise essentially neoclassical model of economic growth, its closed system nature disappears and the model metamorphoses itself into an open system.
Type: Working or Discussion Paper
Affiliation: Economics

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