Abstract
The concepts of the natural and warranted rates of growth of national income, associated with the work of R.F. Harrod and E.D. Domar, were first developed in the 1930s and 1940s as part of the rethinking of the theory of economic fluctuations generated by Keynes’s General Theory. Somewhat paradoxically, they formed an initial impetus for the theories for long-run steady growth elaborated in the 1950s and 1960s.
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Bibliography
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Kregel, J.A. (2018). Natural and Warranted Rates of Growth. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1204
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1204
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