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• W31380327 abstract "The notion that the capitalist economy is inherently unstable at the macroeconomic level has immediate plausibility in view of the long history of instability in capital accumulation. It has not become the dominant view among economists, however, perhaps because of the argument that the motions of real capitalist economies around their long run average growth paths are bounded, and because of the implicit assumption that an unstable motion cannot remain bounded. This implicit assumption is true for linear systems, because the motion of a linear system far from its equilibrium point is the same as its motion near its equilibrium, but not true for non-linear systems (as Blatt, 1983, argues). Nonlinear systems that are unstable around their equilibrium points can exhibit other forms of stability, particularly the form of the stable limit cycle to which the system returns whatever its starting point. This observation is intriguing in view of the tradition of viewing the motions of the capitalist economy around its long run growth paths as a cycle." @default.
• W31380327 created "2016-06-24" @default.
• W31380327 creator A5042649635 @default.
• W31380327 date "1986-01-01" @default.
• W31380327 modified "2023-09-27" @default.
• W31380327 title "Stabilization Policy in a Nonlinear Business Cycle Model" @default.
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• W31380327 doi "https://doi.org/10.1007/978-3-642-51699-3_9" @default.
• W31380327 hasPublicationYear "1986" @default.
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