Abstract
Classical economics conceived of capitalism as an inherently expansive system which was ultimately regulated by its level of profitability. This approach reached its highest development in the works of Marx and Schumpeter, with their portrayal of a system driven by its inner mechanisms along erratic and periodically unstable paths of accumulation (Bleaney, 1976, ch. 6; Garegnani, 1978, pp. 183–5; Shaikh, 1984, section II). In what follows, I will refer to this overall perspective as the classical tradition.
I wish to thank Reiner Franke for helpful comments on an earlier version of this paper.
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© 1991 Edward J. Nell and Willi Semmler
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Shaikh, A. (1991). Wandering Around the Warranted Path: Dynamic Nonlinear Solutions to the Harrodian Knife-Edge. In: Nell, E.J., Semmler, W. (eds) Nicholas Kaldor and Mainstream Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-10947-0_18
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