About: Joan Robinson's growth model

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Joan Robinson's Growth Model is a simple model of economic growth, reflecting the working of a pure capitalist economy, expounded by Joan Robinson in her 1956 book The Accumulation of Capital. However, The Accumulation of Capital was a terse book. In a later book, Essays in the theory of Economic Growth, she tried to lower the degree of abstraction. Robinson presented her growth model in verbal terms. A mathematical formalization was later provided by Kenneth K. Kurihara. Assumptions:

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  • Joan Robinson's Growth Model is a simple model of economic growth, reflecting the working of a pure capitalist economy, expounded by Joan Robinson in her 1956 book The Accumulation of Capital. However, The Accumulation of Capital was a terse book. In a later book, Essays in the theory of Economic Growth, she tried to lower the degree of abstraction. Robinson presented her growth model in verbal terms. A mathematical formalization was later provided by Kenneth K. Kurihara. Assumptions: 1. * There is a laissez-faire closed economy. 2. * The factors of production are capital and labour only. 3. * There is neutral technical progress. 4. * There are only two classes: workers and capitalists, among whom the national income is distributed. 5. * Workers save nothing and spend their wage income on consumption. 6. * Capitalists consume nothing, but save and invest their entire income for capital formation. 7. * There is no change in the price level. 8. * Saving is a function of profit. (en)
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  • Joan Robinson's Growth Model is a simple model of economic growth, reflecting the working of a pure capitalist economy, expounded by Joan Robinson in her 1956 book The Accumulation of Capital. However, The Accumulation of Capital was a terse book. In a later book, Essays in the theory of Economic Growth, she tried to lower the degree of abstraction. Robinson presented her growth model in verbal terms. A mathematical formalization was later provided by Kenneth K. Kurihara. Assumptions: (en)
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  • Joan Robinson's growth model (en)
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