Irregular Waves of Growth from Structural Innovation
Irregular Waves of Growth from Structural Innovation
Seeks to fuse the insights of Schumpeter and Keynes with the argument that market conditions force unrelated innovatory investment decisions to march in step. Aggregate demand matters, therefore, and the Kahn–Keynes multiplication of expansive and contractive demand provides the missing link. A model is developed in which a control variable stabilizes the system globally while allowing erratic motion locally. The model is extended so that for a 50‐year logistic with plausible parameters, higher output after each wave is guaranteed without assuming full employment. The model is extended to account for the influence of demand on investment.
Keywords: control variable, demand, Juglar, Keynes, Kitchin, Kondratiev, Lotka–Volterra, Rössler band, Schumpeter, wave
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