Time Delays and Business Cycles
Hilferding's model revisited
Bibliographic Data
| ID | 12229188 |
|---|---|
| Authors | Ghassan Dibeh (0000-0003-2139-1429, corresponding author) |
| Year | 2001 |
| Volume | 13 |
| Issue | 3 |
| Pages | 329-341 |
| Publication date | 2001-07-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538250120055177 |
| OpenAlex | W1977116225 |
| Language | EN |
| References cited | 26 |
This paper develops a Marxian model of the business cycle based on Hilferding's theory of disproportionality in capital accumulation in a two-sector economy. The disproportionality arises from the existence of time delays in production generated by the differential capital intensity in the two sectors. The time delays produce an asymmetric price structure that causes overproduction and crisis. The model is constructed using delay-differential equations. Numerical simulations show that the model produces an economy-wide business cycle phenomenon. The domain of the time delay parameter is investigated, and shows that the model produces a wide variety of dynamics from monotonic convergence to explosive oscillations. Moreover, the solution shows that intersectoral investment flows transmit the instability in capital accumulation and that longer time delays produce higher cycle amplitudes
Business cycle · Capital (architecture · Capital deepening · Capital formation · Capital intensity · Convergence (economics · Economics · Financial capital · Human capital · Investment (military · Keynesian economics · Macroeconomics · Market economy · Monetary economics · Monotonic function · Economic theories and models · Economic Theory and Policy · Mathematics · Political Economy and Marxism
The theory of capitalist development
Accumulation of capital and the rate of profit in Marxian theory
Economics and Marxism
The Theory of Economic Cycles Based on the Capitalistic Technique of Production
Real Business Cycles
A Macro Model of the Endogenous Business Cycle in Marxist Analysis
Mathematical Methods and Models in Economic Dynamics
Business Cycles
The Macroeconomics of Self-Fulfilling Prophecies
| Citation velocity | historical |
|---|---|
| Highly cited | No |