1158:
419:
1153:{\displaystyle {\begin{aligned}&c={\frac {dY}{dK}}={\frac {Y(t+1)-Y(t)}{K(t)+sY(t)-\delta \ K(t)-K(t)}}\\&c={\frac {Y(t+1)-Y(t)}{sY(t)-\delta \ {\frac {dK}{dY}}Y(t)}}\\&c(sY(t)-\delta \ {\frac {dK}{dY}}Y(t))=Y(t+1)-Y(t)\\&cY(t)\left(s-\delta \ {\frac {dK}{dY}}\right)=Y(t+1)-Y(t)\\&cs-c\delta \ {\frac {dK}{dY}}={\frac {Y(t+1)-Y(t)}{Y(t)}}\\&s{\frac {dY}{dK}}-\delta \ {\frac {dY}{dK}}{\frac {dK}{dY}}={\frac {Y(t+1)-Y(t)}{Y(t)}}\\&sc-\delta \ ={\frac {\Delta Y}{Y}}\end{aligned}}}
1598:
Domar proposed the model in the aftermath of the great depression, intending to model economies in the short-run, during a period where there is high enough unemployment such that any additional machine may be fully utilized by labor. Consequently, production can be modelled as a function of capital
1589:
In summation, the savings rate times the marginal product of capital minus the depreciation rate equals the output growth rate. Increasing the savings rate, increasing the marginal product of capital, or decreasing the depreciation rate will increase the growth rate of output; these are the means to
1640:
of labour and capital is fixed, and that they are used in equal proportions. The model also assumes that savings rates are constant, which may not be true, and assumes that the marginal returns to capital are constant. Furthermore, the model has been criticized for the assumption that productive
1435:
1525:
424:
257:
1584:
1636:
The main criticism of the model is the level of assumption, one being that there is no reason for growth to be sufficient to maintain full employment; this is based on the belief that the relative
1298:
75:
Warranted growth rate is the rate of growth at which the economy does not expand indefinitely or go into recession. Actual growth is the real rate increase in a country's GDP per year. (See also:
1313:
398:
1625:
The model implies that economic growth depends on policies to increase investment, by increasing saving, and using that investment more efficiently through technological advances.
261:
2: The marginal product of capital is constant; the production function exhibits constant returns to scale. This implies capital's marginal and average products are equal.
1193:
1910:
345:
301:
169:
1446:
1198:
First, assumptions (1)–(3) imply that output and capital are linearly related (for readers with an economics background, this proportionality implies a capital-
1606:, it was later adapted to explain economic growth. Its implications were that growth depends on the quantity of labour and capital; more investment leads to
1622:
do not have sufficiently high incomes to enable sufficient rates of saving; therefore, accumulation of physical-capital stock through investment is low.
180:
87:. For example, If the labor force grows at 3 percent per year, then to maintain full employment, the economy’s annual growth rate must be 3 percent.
3236:
3192:
1531:
72:
According to the Harrod–Domar model there are three kinds of growth: warranted growth, actual growth and natural rate of growth.
39:. It suggests that there is no natural reason for an economy to have balanced growth. The model was developed independently by
1208:
2240:
2163:
1430:{\displaystyle \ {\frac {d\log(Y)}{dt}}={\frac {d\log(K)}{dt}}\Rightarrow {\frac {\dot {Y}}{Y}}={\frac {\dot {K}}{K}}}
2132:
2110:
2087:
2064:
2015:
1810:
1872:
1956:
2674:
356:
80:
2644:
2634:
2327:
1655:
2855:
2794:
2767:
3221:
3202:
2779:
2624:
2590:
2575:
2554:
2549:
1202:
equal to unity). These assumptions thus generate equal growth rates between the two variables. That is,
65:
of its solution—and, by the late 1950s, started an academic dialogue that led to the development of the
3196:
2772:
2462:
2452:
1628:
The model concludes that an economy does not "naturally" find full employment and stable growth rates.
3261:
2342:
124:
stands for the rate of depreciation of the capital stock. The Harrod–Domar model makes the following
1641:
capacity is proportional to capital stock, which Domar later stated was not a realistic assumption.
3266:
3226:
3172:
2915:
2870:
2709:
2580:
2457:
1619:
1611:
2930:
1911:"The Ghost of Financing Gap: How the Harrod-Domar Growth Model Still Haunts Development Economics"
1166:
2880:
2714:
2704:
2694:
2684:
2422:
2412:
2372:
2362:
2235:
2156:
402:
5: The change in the capital stock equals investment less the depreciation of the capital stock
2056:
2047:
3050:
2895:
2755:
2698:
2654:
2617:
2367:
2307:
2282:
2252:
2225:
1774:
Hagemann, Harald (2009). "Solow's 1956 Contribution in the
Context of the Harrod-Domar Model".
76:
58:
52:
2098:
2075:
2029:
1991:
312:
268:
136:
3182:
2865:
2840:
2825:
2799:
2738:
2417:
2357:
2337:
2332:
2003:
32:
3231:
2935:
2679:
2649:
2602:
2565:
2491:
2442:
2407:
2347:
2312:
2247:
2230:
2120:
1831:
1660:
1607:
66:
2180:
1520:{\displaystyle \ {\frac {\dot {K}}{K}}={\frac {I}{K}}-\delta \ =s{\frac {Y}{K}}-\delta \ }
8:
3161:
2970:
2789:
2689:
2669:
2629:
2585:
2570:
2526:
2467:
2392:
2382:
2352:
2275:
1958:
Ghost of the
Financing Gap: How the Harrod-Domar Model Still Haunts Development Economics
1751:
36:
2830:
2262:
3216:
3187:
3145:
2950:
2659:
2639:
2607:
2521:
2516:
2496:
2447:
2387:
2377:
2322:
2317:
2149:
1937:
1891:
1848:
1760:
1732:
1697:
349:
4: The product of the savings rate and output equals saving, which equals investment
3080:
3055:
2965:
2845:
2733:
2536:
2472:
2437:
2427:
2297:
2128:
2106:
2083:
2060:
2011:
1984:
1929:
1806:
1199:
40:
3005:
1941:
3130:
3075:
3060:
3045:
3030:
2960:
2940:
2920:
2875:
2482:
2432:
2402:
2397:
2287:
2213:
1921:
1881:
1840:
1783:
1724:
1689:
1615:
3010:
3241:
3135:
3100:
3065:
3000:
2925:
2910:
2804:
2760:
2597:
2531:
2506:
2501:
2477:
2208:
2193:
1650:
84:
28:
3155:
3140:
3105:
3090:
3070:
3040:
2860:
2511:
2220:
2188:
1999:
1979:
1603:
252:{\displaystyle \ {\frac {dY}{dK}}=c\Rightarrow {\frac {dY}{dK}}={\frac {Y}{K}}}
2890:
1787:
3255:
3120:
3110:
3085:
3025:
3020:
3015:
2995:
2985:
2955:
2945:
2850:
2750:
2723:
2487:
2042:
1933:
48:
3150:
3095:
2990:
2980:
2975:
2900:
2745:
2270:
2198:
1925:
1163:
A derivation with calculus is as follows, using dot notation (for example,
35:
to explain an economy's growth rate in terms of the level of saving and of
1801:
Scarfe, Brian L. (1977). "The Harrod Model and the 'Knife Edge' Problem".
1715:
Domar, Evsey (1946). "Capital
Expansion, Rate of Growth, and Employment".
1602:
Although the Harrod–Domar model was initially created to help analyse the
1440:
Next, with assumptions (4) and (5), we can find capital's growth rate as,
3125:
3115:
2905:
2784:
2728:
2203:
62:
44:
3035:
2835:
2612:
2025:
1895:
1886:
1867:
1852:
1826:
1736:
1701:
1610:, which generates economic growth. The model carries implications for
173:
1: Output is a function of capital stock only (labor is irrelevant).
2885:
2815:
2172:
1803:
Cycles, Growth, and
Inflation: A Survey of Contemporary Macrodynamics
24:
1844:
1829:(1964). "The Harrod-Domar Model vs the Neo-Classical Growth Model".
1728:
1693:
2664:
1750:
Cassel, Gustav (1967) . "Capital and Income in the Money
Economy".
61:
claimed shortcomings in the Harrod–Domar model—in particular the
1982:(1961). "Economic Growth: The Problem of Capital Accumulation".
1579:{\displaystyle \ \Rightarrow {\frac {\dot {Y}}{Y}}=sc-\delta \ }
83:). Natural growth is the growth an economy requires to maintain
2105:(Second ed.). New York: Random House. pp. 386–399.
1637:
1614:, where labour is in plentiful supply in these countries but
2141:
130:
1195:) for the derivative of a variable with respect to time.
51:
in 1924. The Harrod–Domar model was the precursor to the
47:
in 1946, although a similar model had been proposed by
1293:{\displaystyle \ Y=cK\Rightarrow log(Y)=log(c)+log(K)}
2127:(Third ed.). New York: Wiley. pp. 325–332.
2010:(Third ed.). London: Macmillan. pp. 37–55.
1680:
Harrod, Roy F. (1939). "An Essay in
Dynamic Theory".
1534:
1449:
1316:
1211:
1169:
422:
359:
315:
271:
183:
139:
2080:
Macroeconomic Theory: Statics, Dynamics, and Policy
2040:
2046:
2034:Quantitative Economic Theory: A Synthetic Approach
1983:
1578:
1519:
1429:
1292:
1187:
1152:
392:
339:
295:
251:
163:
3253:
104:represent output, which equals income, and let
2030:"The One-Country Harrod–Domar Model of Growth"
1679:
2157:
2055:. Glenview: Scott, Foresman and Co. pp.
1714:
2164:
2150:
1590:achieve growth in the Harrod–Domar model.
2076:"Celebrated Paradigms of Economic Growth"
1885:
1805:. New York: McGraw-Hill. pp. 63–66.
393:{\displaystyle \ \Delta \ K=I-\delta \ K}
90:
2119:
2073:
1954:
1908:
1773:
1618:is not, slowing down economic progress.
1964:, World Bank Development Research Group
1303:Since the marginal product of capital,
3254:
2096:
1998:
1978:
1800:
1749:
2145:
2024:
1865:
1612:less economically developed countries
305:3: Capital is necessary for output.
2036:. New York: Wiley. pp. 426–435.
1825:
2241:Agent-based computational economics
2053:Macroeconomics: Analysis and Policy
13:
2099:"An Introduction to Growth Theory"
1972:
1134:
413:Derivation of output growth rate:
363:
14:
3278:
2082:. McGraw-Hill. pp. 251–285.
2699:neoclassical–Keynesian synthesis
1990:. New York: Macmillan. pp.
1909:Easterly, William (1999-11-30).
1873:Journal of Economic Perspectives
1868:"Perspectives on Growth Theory"
1593:
1948:
1918:Policy Research Working Papers
1902:
1859:
1819:
1794:
1767:
1743:
1708:
1673:
1538:
1387:
1373:
1367:
1338:
1332:
1287:
1281:
1266:
1260:
1245:
1239:
1227:
1102:
1096:
1088:
1082:
1073:
1061:
969:
963:
955:
949:
940:
928:
873:
867:
858:
846:
795:
789:
775:
769:
760:
748:
739:
736:
730:
695:
689:
680:
666:
660:
625:
619:
608:
602:
593:
581:
558:
552:
543:
537:
522:
516:
504:
498:
490:
484:
475:
463:
408:
284:
278:
213:
158:
152:
95:
81:Natural gross domestic product
1:
2635:Critique of political economy
2171:
1666:
1631:
1776:History of Political Economy
1753:The Theory of Social Economy
1188:{\displaystyle \ {\dot {Y}}}
7:
2074:Gapinski, James H. (1982).
1644:
10:
3283:
2773:Real business-cycle theory
2097:Keiser, Norman F. (1975).
1955:Easterly, William (1997),
108:equal the capital stock.
3213:
3171:
2813:
2547:
2296:
2261:
2179:
1866:Solow, Robert M. (1994).
1788:10.1215/00182702-2009-017
1656:Feldman–Mahalanobis model
1307:, is a constant, we have
116:is the savings rate, and
340:{\displaystyle \ sY=S=I}
296:{\displaystyle \ f(0)=0}
164:{\displaystyle \ Y=f(K)}
2413:Industrial organization
2236:Computational economics
2045:; Kiker, B. F. (1974).
59:Neoclassical economists
2618:Modern monetary theory
2283:Experimental economics
2253:Pluralism in economics
2226:Mathematical economics
1926:10.1596/1813-9450-1807
1580:
1521:
1431:
1294:
1189:
1154:
394:
341:
297:
253:
165:
91:Mathematical formalism
77:Gross domestic product
53:exogenous growth model
2048:"Economic Growth (I)"
1581:
1522:
1432:
1295:
1190:
1155:
395:
342:
298:
254:
166:
33:development economics
16:Development economics
2492:Social choice theory
2248:Behavioral economics
2231:Complexity economics
2041:Cochrane, James L.;
2004:"Mr. Harrod's Model"
1986:Macroeconomic Theory
1832:The Economic Journal
1682:The Economic Journal
1608:capital accumulation
1532:
1447:
1314:
1209:
1200:elasticity of output
1167:
420:
357:
313:
269:
181:
137:
2576:American (National)
2276:Economic statistics
2000:Baumol, William J.
1887:10.1257/jep.8.1.45
1782:(Suppl 1): 67–87.
1761:Augustus M. Kelley
1576:
1517:
1427:
1290:
1185:
1150:
1148:
390:
337:
293:
249:
161:
21:Harrod–Domar model
3249:
3248:
2780:New institutional
2008:Economic Dynamics
1763:. pp. 51–63.
1575:
1556:
1551:
1537:
1516:
1506:
1491:
1481:
1468:
1463:
1452:
1425:
1420:
1405:
1400:
1385:
1350:
1319:
1214:
1182:
1172:
1144:
1127:
1106:
1050:
1030:
1011:
1001:
973:
917:
898:
833:
814:
725:
706:
670:
655:
636:
562:
533:
452:
406:
405:
386:
368:
362:
318:
274:
247:
234:
205:
186:
142:
112:is total saving,
3274:
3262:Economics models
2453:Natural resource
2288:Economic history
2214:Mechanism design
2166:
2159:
2152:
2143:
2142:
2138:
2116:
2093:
2070:
2050:
2037:
2021:
1995:
1989:
1966:
1965:
1963:
1952:
1946:
1945:
1915:
1906:
1900:
1899:
1889:
1863:
1857:
1856:
1839:(294): 380–387.
1823:
1817:
1816:
1798:
1792:
1791:
1771:
1765:
1764:
1758:
1747:
1741:
1740:
1712:
1706:
1705:
1677:
1661:Solow–Swan model
1616:physical capital
1585:
1583:
1582:
1577:
1573:
1557:
1552:
1544:
1542:
1535:
1526:
1524:
1523:
1518:
1514:
1507:
1499:
1489:
1482:
1474:
1469:
1464:
1456:
1454:
1450:
1436:
1434:
1433:
1428:
1426:
1421:
1413:
1411:
1406:
1401:
1393:
1391:
1386:
1384:
1376:
1356:
1351:
1349:
1341:
1321:
1317:
1299:
1297:
1296:
1291:
1212:
1194:
1192:
1191:
1186:
1184:
1183:
1175:
1170:
1159:
1157:
1156:
1151:
1149:
1145:
1140:
1132:
1125:
1111:
1107:
1105:
1091:
1056:
1051:
1049:
1041:
1033:
1031:
1029:
1021:
1013:
1009:
1002:
1000:
992:
984:
978:
974:
972:
958:
923:
918:
916:
908:
900:
896:
879:
839:
835:
834:
832:
824:
816:
812:
781:
726:
724:
716:
708:
704:
675:
671:
669:
656:
654:
646:
638:
634:
611:
576:
567:
563:
561:
531:
493:
458:
453:
451:
443:
435:
426:
399:
397:
396:
391:
384:
366:
360:
346:
344:
343:
338:
316:
302:
300:
299:
294:
272:
258:
256:
255:
250:
248:
240:
235:
233:
225:
217:
206:
204:
196:
188:
184:
170:
168:
167:
162:
140:
131:
120:is investment.
67:Solow–Swan model
31:. It is used in
3282:
3281:
3277:
3276:
3275:
3273:
3272:
3271:
3267:Economic growth
3252:
3251:
3250:
3245:
3242:Business portal
3209:
3208:
3207:
3167:
2931:von Böhm-Bawerk
2819:
2818:
2809:
2581:Ancient thought
2559:
2558:
2552:
2543:
2542:
2541:
2292:
2257:
2209:Contract theory
2194:Decision theory
2175:
2170:
2135:
2113:
2090:
2067:
2018:
1980:Ackley, Gardner
1975:
1973:Further reading
1970:
1969:
1961:
1953:
1949:
1913:
1907:
1903:
1864:
1860:
1845:10.2307/2228485
1824:
1820:
1813:
1799:
1795:
1772:
1768:
1756:
1748:
1744:
1729:10.2307/1905364
1713:
1709:
1694:10.2307/2225181
1678:
1674:
1669:
1651:Economic growth
1647:
1634:
1596:
1543:
1541:
1533:
1530:
1529:
1498:
1473:
1455:
1453:
1448:
1445:
1444:
1412:
1410:
1392:
1390:
1377:
1357:
1355:
1342:
1322:
1320:
1315:
1312:
1311:
1210:
1207:
1206:
1174:
1173:
1168:
1165:
1164:
1147:
1146:
1133:
1131:
1109:
1108:
1092:
1057:
1055:
1042:
1034:
1032:
1022:
1014:
1012:
993:
985:
983:
976:
975:
959:
924:
922:
909:
901:
899:
877:
876:
825:
817:
815:
802:
798:
779:
778:
717:
709:
707:
673:
672:
647:
639:
637:
612:
577:
575:
565:
564:
494:
459:
457:
444:
436:
434:
423:
421:
418:
417:
411:
358:
355:
354:
314:
311:
310:
270:
267:
266:
239:
226:
218:
216:
197:
189:
187:
182:
179:
178:
138:
135:
134:
98:
93:
85:full employment
29:economic growth
17:
12:
11:
5:
3280:
3270:
3269:
3264:
3247:
3246:
3244:
3239:
3234:
3229:
3224:
3219:
3214:
3211:
3210:
3206:
3205:
3200:
3190:
3185:
3179:
3178:
3177:
3175:
3169:
3168:
3166:
3165:
3158:
3153:
3148:
3143:
3138:
3133:
3128:
3123:
3118:
3113:
3108:
3103:
3098:
3093:
3088:
3083:
3078:
3073:
3068:
3063:
3058:
3053:
3048:
3043:
3038:
3033:
3028:
3023:
3018:
3013:
3008:
3003:
2998:
2993:
2988:
2983:
2978:
2973:
2968:
2963:
2958:
2953:
2948:
2943:
2938:
2933:
2928:
2923:
2918:
2913:
2908:
2903:
2898:
2893:
2888:
2883:
2878:
2873:
2868:
2863:
2858:
2853:
2848:
2843:
2838:
2833:
2828:
2822:
2820:
2814:
2811:
2810:
2808:
2807:
2802:
2797:
2792:
2787:
2782:
2777:
2776:
2775:
2765:
2764:
2763:
2753:
2748:
2743:
2742:
2741:
2731:
2726:
2721:
2720:
2719:
2718:
2717:
2707:
2702:
2687:
2682:
2677:
2672:
2667:
2662:
2657:
2652:
2647:
2645:Disequilibrium
2642:
2637:
2632:
2627:
2622:
2621:
2620:
2610:
2605:
2600:
2595:
2594:
2593:
2583:
2578:
2573:
2568:
2562:
2560:
2548:
2545:
2544:
2540:
2539:
2534:
2529:
2524:
2519:
2514:
2509:
2504:
2499:
2494:
2485:
2480:
2475:
2470:
2465:
2460:
2458:Organizational
2455:
2450:
2445:
2440:
2435:
2430:
2425:
2420:
2415:
2410:
2405:
2400:
2395:
2390:
2385:
2380:
2375:
2370:
2365:
2360:
2355:
2350:
2345:
2340:
2335:
2330:
2325:
2320:
2315:
2310:
2304:
2303:
2302:
2300:
2294:
2293:
2291:
2290:
2285:
2280:
2279:
2278:
2267:
2265:
2259:
2258:
2256:
2255:
2250:
2245:
2244:
2243:
2233:
2228:
2223:
2221:Macroeconomics
2218:
2217:
2216:
2211:
2206:
2201:
2196:
2189:Microeconomics
2185:
2183:
2177:
2176:
2169:
2168:
2161:
2154:
2146:
2140:
2139:
2133:
2125:Macroeconomics
2121:Lindauer, John
2117:
2111:
2103:Macroeconomics
2094:
2088:
2071:
2065:
2043:Gubins, Samuel
2038:
2022:
2016:
1996:
1974:
1971:
1968:
1967:
1947:
1901:
1858:
1818:
1811:
1793:
1766:
1742:
1723:(2): 137–147.
1707:
1688:(193): 14–33.
1671:
1670:
1668:
1665:
1664:
1663:
1658:
1653:
1646:
1643:
1633:
1630:
1604:business cycle
1595:
1592:
1587:
1586:
1572:
1569:
1566:
1563:
1560:
1555:
1550:
1547:
1540:
1527:
1513:
1510:
1505:
1502:
1497:
1494:
1488:
1485:
1480:
1477:
1472:
1467:
1462:
1459:
1438:
1437:
1424:
1419:
1416:
1409:
1404:
1399:
1396:
1389:
1383:
1380:
1375:
1372:
1369:
1366:
1363:
1360:
1354:
1348:
1345:
1340:
1337:
1334:
1331:
1328:
1325:
1301:
1300:
1289:
1286:
1283:
1280:
1277:
1274:
1271:
1268:
1265:
1262:
1259:
1256:
1253:
1250:
1247:
1244:
1241:
1238:
1235:
1232:
1229:
1226:
1223:
1220:
1217:
1181:
1178:
1161:
1160:
1143:
1139:
1136:
1130:
1124:
1121:
1118:
1115:
1112:
1110:
1104:
1101:
1098:
1095:
1090:
1087:
1084:
1081:
1078:
1075:
1072:
1069:
1066:
1063:
1060:
1054:
1048:
1045:
1040:
1037:
1028:
1025:
1020:
1017:
1008:
1005:
999:
996:
991:
988:
982:
979:
977:
971:
968:
965:
962:
957:
954:
951:
948:
945:
942:
939:
936:
933:
930:
927:
921:
915:
912:
907:
904:
895:
892:
889:
886:
883:
880:
878:
875:
872:
869:
866:
863:
860:
857:
854:
851:
848:
845:
842:
838:
831:
828:
823:
820:
811:
808:
805:
801:
797:
794:
791:
788:
785:
782:
780:
777:
774:
771:
768:
765:
762:
759:
756:
753:
750:
747:
744:
741:
738:
735:
732:
729:
723:
720:
715:
712:
703:
700:
697:
694:
691:
688:
685:
682:
679:
676:
674:
668:
665:
662:
659:
653:
650:
645:
642:
633:
630:
627:
624:
621:
618:
615:
610:
607:
604:
601:
598:
595:
592:
589:
586:
583:
580:
574:
571:
568:
566:
560:
557:
554:
551:
548:
545:
542:
539:
536:
530:
527:
524:
521:
518:
515:
512:
509:
506:
503:
500:
497:
492:
489:
486:
483:
480:
477:
474:
471:
468:
465:
462:
456:
450:
447:
442:
439:
433:
430:
427:
425:
410:
407:
404:
403:
400:
389:
383:
380:
377:
374:
371:
365:
351:
350:
347:
336:
333:
330:
327:
324:
321:
307:
306:
303:
292:
289:
286:
283:
280:
277:
263:
262:
259:
246:
243:
238:
232:
229:
224:
221:
215:
212:
209:
203:
200:
195:
192:
175:
174:
171:
160:
157:
154:
151:
148:
145:
97:
94:
92:
89:
15:
9:
6:
4:
3:
2:
3279:
3268:
3265:
3263:
3260:
3259:
3257:
3243:
3240:
3238:
3235:
3233:
3230:
3228:
3225:
3223:
3220:
3218:
3215:
3212:
3204:
3201:
3198:
3194:
3191:
3189:
3186:
3184:
3181:
3180:
3176:
3174:
3170:
3164:
3163:
3159:
3157:
3154:
3152:
3149:
3147:
3144:
3142:
3139:
3137:
3134:
3132:
3129:
3127:
3124:
3122:
3119:
3117:
3114:
3112:
3109:
3107:
3104:
3102:
3099:
3097:
3094:
3092:
3089:
3087:
3084:
3082:
3079:
3077:
3074:
3072:
3069:
3067:
3064:
3062:
3059:
3057:
3054:
3052:
3049:
3047:
3044:
3042:
3039:
3037:
3034:
3032:
3029:
3027:
3024:
3022:
3019:
3017:
3014:
3012:
3009:
3007:
3004:
3002:
2999:
2997:
2994:
2992:
2989:
2987:
2984:
2982:
2979:
2977:
2974:
2972:
2969:
2967:
2964:
2962:
2959:
2957:
2954:
2952:
2949:
2947:
2944:
2942:
2939:
2937:
2934:
2932:
2929:
2927:
2924:
2922:
2919:
2917:
2914:
2912:
2909:
2907:
2904:
2902:
2899:
2897:
2894:
2892:
2889:
2887:
2884:
2882:
2879:
2877:
2874:
2872:
2869:
2867:
2864:
2862:
2859:
2857:
2854:
2852:
2849:
2847:
2844:
2842:
2839:
2837:
2834:
2832:
2829:
2827:
2826:de Mandeville
2824:
2823:
2821:
2817:
2812:
2806:
2803:
2801:
2798:
2796:
2793:
2791:
2788:
2786:
2783:
2781:
2778:
2774:
2771:
2770:
2769:
2768:New classical
2766:
2762:
2759:
2758:
2757:
2754:
2752:
2749:
2747:
2744:
2740:
2737:
2736:
2735:
2732:
2730:
2727:
2725:
2724:Malthusianism
2722:
2716:
2713:
2712:
2711:
2708:
2706:
2703:
2700:
2696:
2693:
2692:
2691:
2688:
2686:
2685:Institutional
2683:
2681:
2678:
2676:
2673:
2671:
2668:
2666:
2663:
2661:
2658:
2656:
2653:
2651:
2648:
2646:
2643:
2641:
2638:
2636:
2633:
2631:
2628:
2626:
2623:
2619:
2616:
2615:
2614:
2611:
2609:
2606:
2604:
2601:
2599:
2596:
2592:
2589:
2588:
2587:
2584:
2582:
2579:
2577:
2574:
2572:
2569:
2567:
2564:
2563:
2561:
2556:
2551:
2546:
2538:
2535:
2533:
2530:
2528:
2525:
2523:
2520:
2518:
2515:
2513:
2510:
2508:
2505:
2503:
2500:
2498:
2495:
2493:
2489:
2488:Public choice
2486:
2484:
2481:
2479:
2476:
2474:
2471:
2469:
2466:
2464:
2463:Participation
2461:
2459:
2456:
2454:
2451:
2449:
2446:
2444:
2441:
2439:
2436:
2434:
2431:
2429:
2426:
2424:
2423:Institutional
2421:
2419:
2416:
2414:
2411:
2409:
2406:
2404:
2401:
2399:
2396:
2394:
2391:
2389:
2386:
2384:
2381:
2379:
2376:
2374:
2373:Expeditionary
2371:
2369:
2366:
2364:
2363:Environmental
2361:
2359:
2356:
2354:
2351:
2349:
2346:
2344:
2341:
2339:
2336:
2334:
2331:
2329:
2326:
2324:
2321:
2319:
2316:
2314:
2311:
2309:
2306:
2305:
2301:
2299:
2295:
2289:
2286:
2284:
2281:
2277:
2274:
2273:
2272:
2269:
2268:
2266:
2264:
2260:
2254:
2251:
2249:
2246:
2242:
2239:
2238:
2237:
2234:
2232:
2229:
2227:
2224:
2222:
2219:
2215:
2212:
2210:
2207:
2205:
2202:
2200:
2197:
2195:
2192:
2191:
2190:
2187:
2186:
2184:
2182:
2178:
2174:
2167:
2162:
2160:
2155:
2153:
2148:
2147:
2144:
2136:
2134:0-471-53572-9
2130:
2126:
2122:
2118:
2114:
2112:0-394-31922-2
2108:
2104:
2100:
2095:
2091:
2089:0-07-022765-9
2085:
2081:
2077:
2072:
2068:
2066:0-673-07639-3
2062:
2058:
2054:
2049:
2044:
2039:
2035:
2031:
2027:
2023:
2019:
2017:0-02-306660-1
2013:
2009:
2005:
2001:
1997:
1993:
1988:
1987:
1981:
1977:
1976:
1960:
1959:
1951:
1943:
1939:
1935:
1931:
1927:
1923:
1919:
1912:
1905:
1897:
1893:
1888:
1883:
1879:
1875:
1874:
1869:
1862:
1854:
1850:
1846:
1842:
1838:
1834:
1833:
1828:
1822:
1814:
1812:0-07-055039-5
1808:
1804:
1797:
1789:
1785:
1781:
1777:
1770:
1762:
1755:
1754:
1746:
1738:
1734:
1730:
1726:
1722:
1718:
1711:
1703:
1699:
1695:
1691:
1687:
1683:
1676:
1672:
1662:
1659:
1657:
1654:
1652:
1649:
1648:
1642:
1639:
1629:
1626:
1623:
1621:
1617:
1613:
1609:
1605:
1600:
1591:
1570:
1567:
1564:
1561:
1558:
1553:
1548:
1545:
1528:
1511:
1508:
1503:
1500:
1495:
1492:
1486:
1483:
1478:
1475:
1470:
1465:
1460:
1457:
1443:
1442:
1441:
1422:
1417:
1414:
1407:
1402:
1397:
1394:
1381:
1378:
1370:
1364:
1361:
1358:
1352:
1346:
1343:
1335:
1329:
1326:
1323:
1310:
1309:
1308:
1306:
1284:
1278:
1275:
1272:
1269:
1263:
1257:
1254:
1251:
1248:
1242:
1236:
1233:
1230:
1224:
1221:
1218:
1215:
1205:
1204:
1203:
1201:
1196:
1179:
1176:
1141:
1137:
1128:
1122:
1119:
1116:
1113:
1099:
1093:
1085:
1079:
1076:
1070:
1067:
1064:
1058:
1052:
1046:
1043:
1038:
1035:
1026:
1023:
1018:
1015:
1006:
1003:
997:
994:
989:
986:
980:
966:
960:
952:
946:
943:
937:
934:
931:
925:
919:
913:
910:
905:
902:
893:
890:
887:
884:
881:
870:
864:
861:
855:
852:
849:
843:
840:
836:
829:
826:
821:
818:
809:
806:
803:
799:
792:
786:
783:
772:
766:
763:
757:
754:
751:
745:
742:
733:
727:
721:
718:
713:
710:
701:
698:
692:
686:
683:
677:
663:
657:
651:
648:
643:
640:
631:
628:
622:
616:
613:
605:
599:
596:
590:
587:
584:
578:
572:
569:
555:
549:
546:
540:
534:
528:
525:
519:
513:
510:
507:
501:
495:
487:
481:
478:
472:
469:
466:
460:
454:
448:
445:
440:
437:
431:
428:
416:
415:
414:
401:
387:
381:
378:
375:
372:
369:
353:
352:
348:
334:
331:
328:
325:
322:
319:
309:
308:
304:
290:
287:
281:
275:
265:
264:
260:
244:
241:
236:
230:
227:
222:
219:
210:
207:
201:
198:
193:
190:
177:
176:
172:
155:
149:
146:
143:
133:
132:
129:
128:assumptions:
127:
123:
119:
115:
111:
107:
103:
88:
86:
82:
78:
73:
70:
68:
64:
60:
56:
54:
50:
49:Gustav Cassel
46:
43:in 1939, and
42:
41:Roy F. Harrod
38:
34:
30:
26:
22:
3237:Publications
3193:Publications
3160:
2756:Neoclassical
2746:Mercantilism
2655:Evolutionary
2517:Sociological
2490: /
2388:Geographical
2368:Evolutionary
2343:Digitization
2308:Agricultural
2271:Econometrics
2199:Price theory
2124:
2102:
2079:
2052:
2033:
2007:
1985:
1957:
1950:
1917:
1904:
1880:(1): 45–54.
1877:
1871:
1861:
1836:
1830:
1821:
1802:
1796:
1779:
1775:
1769:
1759:. New York:
1752:
1745:
1720:
1717:Econometrica
1716:
1710:
1685:
1681:
1675:
1635:
1627:
1624:
1601:
1597:
1594:Significance
1588:
1439:
1304:
1302:
1197:
1162:
412:
125:
121:
117:
113:
109:
105:
101:
99:
74:
71:
57:
20:
18:
3031:von Neumann
2800:Supply-side
2785:Physiocracy
2729:Marginalism
2418:Information
2358:Engineering
2338:Development
2333:Demographic
2204:Game theory
2181:Theoretical
2026:Brems, Hans
1827:Sato, Ryuzo
409:Derivations
96:Definitions
63:instability
45:Evsey Domar
3256:Categories
3188:Economists
3061:Schumacher
2966:Schumpeter
2936:von Wieser
2856:von Thünen
2816:Economists
2715:Circuitism
2680:Humanistic
2675:Historical
2650:Ecological
2640:Democratic
2613:Chartalism
2603:Behavioral
2566:Mainstream
2527:Statistics
2522:Solidarity
2443:Managerial
2408:Humanistic
2403:Historical
2348:Ecological
2313:Behavioral
1667:References
1632:Criticisms
3106:Greenspan
3071:Samuelson
3051:Galbraith
3021:Tinbergen
2961:von Mises
2956:Heckscher
2916:Edgeworth
2795:Stockholm
2790:Socialist
2690:Keynesian
2670:Happiness
2630:Classical
2591:Mutualism
2586:Anarchist
2571:Heterodox
2468:Personnel
2428:Knowledge
2393:Happiness
2383:Financial
2353:Education
2328:Democracy
2263:Empirical
2173:Economics
1934:1813-9450
1571:δ
1568:−
1549:˙
1539:⇒
1512:δ
1509:−
1487:δ
1484:−
1461:˙
1418:˙
1398:˙
1388:⇒
1365:
1330:
1228:⇒
1180:˙
1135:Δ
1123:δ
1120:−
1077:−
1007:δ
1004:−
944:−
894:δ
888:−
862:−
810:δ
807:−
764:−
702:δ
699:−
632:δ
629:−
597:−
547:−
529:δ
526:−
479:−
382:δ
379:−
364:Δ
214:⇒
27:model of
25:Keynesian
3217:Category
3197:journals
3183:Glossary
3136:Stiglitz
3101:Rothbard
3081:Buchanan
3066:Friedman
3056:Koopmans
3046:Leontief
3026:Robinson
2911:Marshall
2761:Lausanne
2665:Georgism
2660:Feminist
2608:Buddhist
2598:Austrian
2497:Regional
2473:Planning
2448:Monetary
2378:Feminist
2323:Cultural
2318:Business
2123:(1976).
2028:(1967).
2002:(1970).
1942:13515227
1645:See also
126:a priori
3232:Outline
3203:Schools
3195: (
3156:Piketty
3151:Krugman
3016:Kuznets
3006:Kalecki
2981:Polanyi
2871:Cournot
2866:Bastiat
2851:Ricardo
2841:Malthus
2831:Quesnay
2734:Marxian
2625:Chicago
2555:history
2550:Schools
2537:Welfare
2507:Service
2298:Applied
2057:328–353
1992:505–535
1896:2138150
1853:2228485
1737:1905364
1702:2225181
37:capital
3141:Thaler
3121:Ostrom
3116:Becker
3111:Sowell
3091:Baumol
2996:Myrdal
2991:Sraffa
2986:Frisch
2976:Knight
2971:Keynes
2946:Fisher
2941:Veblen
2926:Pareto
2906:Menger
2901:George
2896:Jevons
2891:Walras
2881:Gossen
2805:Thermo
2483:Public
2478:Policy
2433:Labour
2398:Health
2131:
2109:
2086:
2063:
2014:
1940:
1932:
1894:
1851:
1809:
1735:
1700:
1599:only.
1574:
1536:
1515:
1490:
1451:
1318:
1213:
1171:
1126:
1010:
897:
813:
705:
635:
532:
385:
367:
361:
317:
273:
185:
141:
3227:Lists
3222:Index
3173:Lists
3146:Hoppe
3131:Lucas
3096:Solow
3086:Arrow
3076:Simon
3041:Lange
3036:Hicks
3011:Röpke
3001:Hayek
2951:Pigou
2921:Clark
2836:Smith
2751:Mixed
2710:Post-
2532:Urban
2512:Socio
2502:Rural
1962:(PDF)
1938:S2CID
1914:(PDF)
1892:JSTOR
1849:JSTOR
1757:(PDF)
1733:JSTOR
1698:JSTOR
1638:price
23:is a
3162:more
2886:Marx
2876:Mill
2861:List
2739:Neo-
2695:Neo-
2129:ISBN
2107:ISBN
2084:ISBN
2061:ISBN
2012:ISBN
1930:ISSN
1807:ISBN
1620:LDCs
100:Let
79:and
19:The
3126:Sen
2846:Say
2705:New
2438:Law
1922:doi
1882:doi
1841:doi
1784:doi
1725:doi
1690:doi
1362:log
1327:log
3258::
2101:.
2078:.
2059:.
2051:.
2032:.
2006:.
1936:.
1928:.
1920:.
1916:.
1890:.
1876:.
1870:.
1847:.
1837:74
1835:.
1780:41
1778:.
1731:.
1721:14
1719:.
1696:.
1686:49
1684:.
69:.
55:.
3199:)
2701:)
2697:(
2557:)
2553:(
2165:e
2158:t
2151:v
2137:.
2115:.
2092:.
2069:.
2020:.
1994:.
1944:.
1924::
1898:.
1884::
1878:8
1855:.
1843::
1815:.
1790:.
1786::
1739:.
1727::
1704:.
1692::
1565:c
1562:s
1559:=
1554:Y
1546:Y
1504:K
1501:Y
1496:s
1493:=
1479:K
1476:I
1471:=
1466:K
1458:K
1423:K
1415:K
1408:=
1403:Y
1395:Y
1382:t
1379:d
1374:)
1371:K
1368:(
1359:d
1353:=
1347:t
1344:d
1339:)
1336:Y
1333:(
1324:d
1305:c
1288:)
1285:K
1282:(
1279:g
1276:o
1273:l
1270:+
1267:)
1264:c
1261:(
1258:g
1255:o
1252:l
1249:=
1246:)
1243:Y
1240:(
1237:g
1234:o
1231:l
1225:K
1222:c
1219:=
1216:Y
1177:Y
1142:Y
1138:Y
1129:=
1117:c
1114:s
1103:)
1100:t
1097:(
1094:Y
1089:)
1086:t
1083:(
1080:Y
1074:)
1071:1
1068:+
1065:t
1062:(
1059:Y
1053:=
1047:Y
1044:d
1039:K
1036:d
1027:K
1024:d
1019:Y
1016:d
998:K
995:d
990:Y
987:d
981:s
970:)
967:t
964:(
961:Y
956:)
953:t
950:(
947:Y
941:)
938:1
935:+
932:t
929:(
926:Y
920:=
914:Y
911:d
906:K
903:d
891:c
885:s
882:c
874:)
871:t
868:(
865:Y
859:)
856:1
853:+
850:t
847:(
844:Y
841:=
837:)
830:Y
827:d
822:K
819:d
804:s
800:(
796:)
793:t
790:(
787:Y
784:c
776:)
773:t
770:(
767:Y
761:)
758:1
755:+
752:t
749:(
746:Y
743:=
740:)
737:)
734:t
731:(
728:Y
722:Y
719:d
714:K
711:d
696:)
693:t
690:(
687:Y
684:s
681:(
678:c
667:)
664:t
661:(
658:Y
652:Y
649:d
644:K
641:d
626:)
623:t
620:(
617:Y
614:s
609:)
606:t
603:(
600:Y
594:)
591:1
588:+
585:t
582:(
579:Y
573:=
570:c
559:)
556:t
553:(
550:K
544:)
541:t
538:(
535:K
523:)
520:t
517:(
514:Y
511:s
508:+
505:)
502:t
499:(
496:K
491:)
488:t
485:(
482:Y
476:)
473:1
470:+
467:t
464:(
461:Y
455:=
449:K
446:d
441:Y
438:d
432:=
429:c
388:K
376:I
373:=
370:K
335:I
332:=
329:S
326:=
323:Y
320:s
291:0
288:=
285:)
282:0
279:(
276:f
245:K
242:Y
237:=
231:K
228:d
223:Y
220:d
211:c
208:=
202:K
199:d
194:Y
191:d
159:)
156:K
153:(
150:f
147:=
144:Y
122:δ
118:I
114:s
110:S
106:K
102:Y
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.