A Growth Cycle
Presented here is a starkly schematised and hence quite unrealistic model of cycles in growth rates. This type of formulation now seems to me to have better prospects than the more usual treatment of growth theory or of cycle theory, separately or in combination. Many of the bits of reasoning are common to both, but in the present paper they are put together in a different way.
KeywordsLabour Supply Wage Rate Real Wage Growth Cycle Full Employment
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