Chapter 3 Output Expansion, Effective Demand and the Conflict about Income Distribution
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In chapter 3 we generalize a two_dimensional growth cycle model of Skott that is based on supply_side adjustment and a Kaldorian theory of income distribution. This model gives rise to degenerate Hopf bifurcations if behavior is linear close to the steady state. Furthermore, full capacity limits imply globally viable dynamics if the steady state is locally attracting and corridor stability with persistent fluctuations when it is repelling. This allows to sidestep the pre-Keynesian Wicksellian inflation theory of the previous chapter and is definitely a step forward towards the development of a Keynesian theory of economic growth.

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