A Model Of Cyclical Growth
My primary concern in this paper is with the simultaneous existence and mutual conditioning of economic growth and economic cycles. It is clearly desirable to have one theory that encompasses both or, at least, to have a more intimate union of the two analyses than is ordinarily effected. It may be argued that this is too ambitious an aim and, in the light of the difficulties that I have encountered, I am inclined to agree. It is better to isolate problems and attack them one by one. Yet, in this particular case, I feel that there are strong reasons to doubt the soundness of analysing on the one hand steady development and on the other stationary cycles. It may well be that many of the serious difficulties of each, considered separately, will yield to a combined attack. But to achieve an advance in this direction we must pay a price, and the price is the abandonment of all but the crudest elements of economic theory.
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