References and further reading

Aghion, P. and P. Howitt (1992), ‘A model of growth through creative destruction’, Econometrica, 60 (2), 323-51.

Aghion, P. and P. Howitt (1998), Endogenous Growth Theory, Cambridge, MA: MIT Press.

Aghion, P. and P. Howitt (2009), The Economics of Growth, Cambridge, MA: MIT Press.

Aghion, P. and G. Saint Paul (1991), ‘On the virtues of bad times’, Working Paper no. 578, CEPR, London.

Aghion, P. and G. Saint Paul (1998), ‘Uncovering some causal relationships between productivity growth and the structure of economic fluctuations: a tentative survey’, Labour, 12 (2), 279-303.

Aghion, P., U. Akcigit and P. Howitt (2013), ‘What do we learn from Schumpeterian growth theory?’, PIER working paper 13-026, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.

Arrow, K. (1962), ‘The economic implications of learning by doing’, Review of Economic Studies, 29 (3), 155-73.

Asada, T. (2009), Japanese Contributions to Dynamic Economic Theories in the 1940s - the 1970s: A Historical Survey, Tokyo: Chuo University.

Assous, M. (2015), ‘Solow’s struggle with medium-run macroeconomics: 1956-1995’, History of Political Economy, 47 (3), 395-417.

Assous, M., O. Bruno and M. Dal Pont Legrand (2014), ‘The “Law of Diminishing Elasticity of Demand” in Harrod’s Trade Cycle (1936)’, Cahiers d’Economiepolitique/Papers in Political Economy, 67 (2), 159-75.

Barlevy, G. (2004), ‘The cost of business cycles under endogenous growth’, American Economic Review, 94 (4), 964-90.

Benhabib, J. and R.H. Day (1982), ‘A characterization of erratic dynamics in overlapping generations model’, Journal of Economic Dynamic and Control, 4 (1), 37-55.

Benhabib, J. and K. Nishimura (1979), ‘The Hopft bifurcation and the existence of stability closed orbits in multisector models of optimal economic growth’, Journal of Economic Theory, 21 (3), 421-44.

Benhabib, J. and K. Nishimura (1985), ‘Competitive equilibrium cycles’, Journal of Economic Theory, 35 (3), 284-306.

Blackburn, K. and A. Pelloni (2004), ‘On the relationship between growth and volatility’, Economics Letters, 83 (1), 123-7.

Blackburn, K. and A. Pelloni (2005), ‘Growth, cycles and stabilization policy’, Oxford Economic Papers, 57 (2), 262-82.

Bresnahan, T.F. and M. Trajtenberg (1995), ‘General purpose technologies: engines of growth?’, Journal of Econometrics, 65 (2), 83-108.

Brock, W. and L. Mirman (1972), ‘Optimal economic growth under uncertainty: the discounted case’, Journal of Economic Theory, 4 (3), 479-513.

Bronfenbrenner, M. (1969), Is the Business Cycle Obsolete?, New York: Wiley.

Bruno, O. and M. Dal Pont Legrand (2014), ‘The instability principle revisited: an essay in Harrodian dynam­ics’, European Journal for the History of Economic Thought, 21 (3), 467-84.

Dal Pont Legrand, M. and H. Hagemann (2010), ‘Theories reelles versus monetaires des cycles d’equilibre: une mise en perspective des travaux recents au regard des debats de l’entre-deux guerres?’, Revue Franςaise d’Economie, 24 (4), 189-229.

Dosi, G., G. Fagiolo and A. Roventini (2010), ‘Schumpeter meeting Keynes: a policy-friendly model of endogenous growth and business cycles’, Journal of Economic Dynamics and Control, 34 (9), 1748-67.

Dutt, A.K. (1984), ‘Stagnation, income distribution and monopoly power’, Cambridge Journal of Economics, 8 (1), 25-40.

Eltis, W.A. (1971), ‘The determination of the rate of technical progress’, Economic Journal, 81 (323), 502-24.

Flaschel, P. (2009), The Macrodynamics of Capitalism. Elements for a Synthesis of Marx, Keynes and Schumpeter, 2nd revised and enlarged edn, Berlin: Springer.

Francois, P. and H. Lloyd-Ellis (2003), ‘Animal spirits through creative destruction’, American Economic Review, 93 (3), 530-50.

Frisch, R. (1933), ‘Propagation problems and impulse problems in dynamic economics’, in K. Koch (ed.), Economic Essays in Honour of Gustav Cassel, London, Allen & Unwin, pp.

Frisch, R. and H. Holme (1935), ‘The characteristic solutions of a mixed difference and differential equation occurring in economic dynamics’, Econometrica, 3 (2), 225-39.

Goodwin, R.M. (1951), ‘The nonlinear accelerator and the persistence of business cycles’, Econometrica, 19 (1), 1-17.

Goodwin, R.M. (1953), ‘The problem of trend and cycle’, Bulletin of Economic Research, 5 (2), 89-97.

Goodwin, R.M. (1967), ‘A growth cycle’, in C.H. Feinstein (ed.), Socialism, Capitalism and Economic Growth, Cambridge, Cambridge: Cambridge University Press, pp. 54-8, reprinted in R.M. Goodwin (1982), Essays in Economic Dynamics, Basingstoke: Macmillan, pp. 165-70.

Goodwin, R.M. (1987), ‘Growth and cycles’, in J. Eatwell, M. Milgate and P. Newman (eds), The New Palgrave, vol. 2, London: Palgrave Macmillan, pp. 574-6.

Grandmont, J.M. (1985), “On endogenous competitive business cycles”, Econometrica, 53 (5), 995-1046.

Hagemann, H. (2003), ‘Schumpeter’s early contributions on crises theory and business-cycle theory’, History of Economic Ideas, 11 (1), 47-67.

Hagemann, H. (2009), ‘Solow’s 1956 contribution in the context of the Harrod-Domar model’, History of Political Economy, 41 (Supplement 1), 67-87.

Harrod, R.F. (1936), The Trade Cycle. An Essay, Oxford: Clarendon.

Harrod, R.F. (1939), ‘An essay in dynamic theory’, Economic Journal, 49 (193), 14 33.

Harrod, R.F. (1973), Economic Dynamics, London: Macmillan.

Harrod, R.F. (2003), ‘An essay on dynamic theory [1938 draft]’, in D. Besomi (ed.), The Collected Interwar Papers and Correspondence of Roy Harrod, vol. 3, Cheltenham, UK and Northampton.MA, USA: Edward Elgar, pp. 1188-212.

Helpman, E and M. Trajtenberg (1998), ‘A time to sow and a time to reap: growth based on general purpose technologies’, in E. Helpman (ed.), General Purpose Technologies and Economic Growth, Cambridge, MA: MIT Press, pp. 55-83.

Henin, P.Y. (1994), ‘L’impact a long terme des chocs de demande’, Revue Economique, 45 (3), 883-96.

Hoover, K. (1988), The New Classical Macroeconomics, Aldershot, UK and Brookfield, VT, USA: Edward Elgar.

Howitt, P. and J.L. Gaffard (2007), ‘Vers une macroeconomie fondee sur des agents autonomes et intelligents’, Revue de l’OFCE, 2007/3, 55-78.

Kaldor, N. (1940), ‘A model of the trade cycle’, Economic Journal, 50 (197), 78-92.

Kaldor, N. (1954), ‘The relation of economic growth and cyclical fluctuations’, Economic Journal, 64 (253), 53-71.

Kalecki, M. (1935), ‘A macrodynamic theory of the business cycle’, Econometrica, 3 (3), 327-44.

Kalecki, M. (1962), ‘Observations on the theory of growth’, The Economic Journal, 72 (285), I 34 53.

Kydland, F.E. and E.C. Prescott (1982), ‘Time to build and aggregate fluctuations’, Econometrica, 50 (6), 1345-70.

Lucas, R. (1972), ‘Expectations and the neutrality of money’, Journal of Economic Theory, 4 (2), 103-24.

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Muth, J. (1961), ‘Rational expectations and the theory of price movements’, Econometrica, 29 (3), 315-55.

Nelson, C. and C. Plosser (1982), ‘Trends and random walk in macroeconomic time series: some evidences and implications’, Journal of Monetary Economics, 10 (2), 139-62.

Ramey, G. and V. Ramey (1995), ‘Cross-country evidence on the link between volatility and growth’, American Economic Review, 85 (5), 1138-51.

Romer, P. (1986), ‘Increasing returns and long-run growth’, Journal of Political Economy, 94 (5), 1002-37.

Rowthorn, B. (1981), ‘Demand, real wages and economic growth’, Thames Papers in Political Economy, Autumn, 1-39.

Saint Paul, G. (1997), ‘Business cycles and long-run growth’, Oxford Review of Economic Policy, 13 (3), 145-53.

Schumpeter, J.A. (1939), Business Cycles. A Theoretical, Historical and Statistical Analysis of the Capitalist Process, 2 vols, New York: McGraw-Hill.

Sen, A.K. (ed.) (1970), Growth Economics: Selected Readings, Harmondsworth: Penguin Books.

Shleifer, A. (1986), ‘Implementation cycles’, Journal of Political Economy, 94 (6), 1163-90.

Skott, P. (2010), ‘Growth, instability and cycles: Harrodian and Kaleckian models of accumulation and income distribution’, in M. Setterfield (ed.), Handbook of Alternative Theories of Economic Growth, Cheltenham, UK and Northampton, MA, USA: Edward Elgar.

Solow, R.M. (1956), ‘A contribution to the theory of economic growth’, Quarterly Journal of Economics, 70 (1), 65-94.

Solow, R.M. (1988), ‘Growth theory and after’, American Economic Review, 78 (3), 307-17.

Solow, R.M. (2012), ‘On Pasinetti and the unfinished Keynesian revolution’, in R. Arena and P.L. Porta (eds), Structural Dynamics and Economic Growth, Cambridge: Cambridge University Press, pp. 267-75.

Stadler, G.W. (1990), ‘Business cycle models with endogenous technology’, American Economic Review, 80 (4), 763-78.

Stadler, G.W. (1994), ‘Real business cycles’, Journal of Economic Literature, 32 (4), 1750-83.

Stiglitz, J. (1993), ‘Endogenous growth and cycles’, NBER Working Paper No. 4286, National Bureau of Economic Research, Cambridge, MA.

Summers, L.H. (1986), ‘Some sceptical observations on real business cycle theory’, working paper, Federal Reserve Bank of Minneapolis Quarterly Review, Fall.

Taylor, L. (1985), ‘A stagnationist model of economic growth’, Cambridge Journal of Economics, 9 (4), 383-403.

Tinbergen, J. (1937), ‘Review of Harrod, R.F., The Trade Cycle’, Weltwirtschaftliches Archiv, 45 (3), 89-91.

Tobin, J. (1980), ‘Are new classical models plausible enough to guide policy?’, Journal of Money, Credit and Banking, 12 (4), 788-99.

Capital theory as intended in this entry is the study of the implications, for the func­tioning of market economies (centrally planned economies will not be discussed), of advances of produced means of production and/or of wages relative to the obtainment of a saleable output, advances on whose value a rate of return is obtained. The expla­nation of this rate (called rate of profits by the classical authors and later identified with the rate of interest by the marginalist authors) is the central problem of capital theory. There are deep differences between the capital theory of the two successive main approaches to value and distribution: the earlier Surplus approach called Classical by Karl Marx and undergoing nowadays a considerable revival, and the later marginalist or supply-and-demand approach (nowadays also called Neoclassical, or even Classical, a confusing terminology suggesting a continuity between the surplus and marginal- ist approach where in fact there is sharp opposition). In this survey of the historical development of capital theory in the two approaches, some reference to their overall structure will be indispensable to grasp the different difficulties encountered by them in the treatment of capital.