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A supermultiplier model of the natural rate of growth
Metroeconomica ( IF 1.0 ) Pub Date : 2021-05-03 , DOI: 10.1111/meca.12336
Olivier Allain 1
Affiliation  

We propose a supermultiplier model that includes formal and informal wage redistributive devices enabling everyone in the population to satisfy their primary needs. By introducing population growth and technical progress into the model, we show that wage redistribution gives rise to an autonomous consumption component, the growth rate of which corresponds to the natural rate of growth. The three main outcomes of the model are as follows: (a) Harrodian knife-edge instability can be tamed, (b) the long-run rate of growth of the economy converges toward the natural rate of growth, and (c) the rate of employment stabilizes but at a level that can differ from that of full employment.

中文翻译:

自然增长率的超乘数模型

我们提出了一个超级乘数模型,其中包括正式和非正式的工资再分配机制,使人口中的每个人都能满足他们的主要需求。通过在模型中引入人口增长和技术进步,我们表明工资再分配产生了一个自主消费成分,其增长率对应于自然增长率。该模型的三个主要结果如下:(a) Harrodian 刀刃不稳定性可以被驯服,(b) 经济的长期增长率向自然增长率收敛,以及 (c)就业率趋于稳定,但水平可能不同于充分就业。
更新日期:2021-06-17
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