EDITH KLIMOVSKY

Disequilibrium, reproduction and money: a Classical approach

Carlo Benetti, Christian Bidard, Edith Klimovsky, Antoine Rebeyrol

Résumé

We consider a bisector reproduction model in which money is introduced as a pure means of exchange issued by a bank at the producers' requests. Each capitalist aims at maximising accumulation in his own sector. Their plans are based on available quantities and expected prices. Effective prices are determined by a market-clearing mechanism. Temporary disequilibria occur in both physical and monetary terms. The settlement of the monetary balances is operated by means of a transfer of capital goods. Final allocations and effective productions are thus determined. The dynamics of the economy are those of a sequence of temporary disequilibria and let appear several possibilities (local or global stability, cycles) depending on the values of the parameters.

Mot(s) clé(s)

Classical Reproduction, Monetary prices, Disequilibrium, Growth, Cycle

Reproduction and temporary disequilibrium: a Classical approach

Carlo Benetti, Christian Bidard, Edith Klimovsky, Antoine Rebeyrol

Résumé

We build a bisector reproduction model with classical features in which the capitalists aim at maximizing accumulation of their profits. At variance with gravitation models, it is assumed that they invest their profits in their own industry. Their plans are based on actual productions and expected prices. Effective prices and effective allocations of resources are determined by a market-clearing mechanism. A simple law on the formation of expectations allows us to define the dynamics of disequilibria, which let appear endogenous self-sustained fluctuations, around a long-run path. The long-run rate of growth and the amplitude of the fluctuations depend on the initial conditions.

Mot(s) clé(s)

Classical Reproduction, Market prices, Disequilibrium, Growth, Cycle

Equilibre et possibilité de crises dans le modèle de reproduction élargie de Marx

Carlo Benetti, Alain Béraud, Edith Klimovsky, Antoine Rebeyrol

Résumé

Dans les exemples numériques que Marx utilise pour étudier la reproduction du
capital social, l’économie atteint, dès la seconde période, un régime de croissance régulière.
Ce résultat a surpris les lecteurs de Marx qui l’ont interprété comme la propriété d’un modèle
qui exclut toute crise. On montre ici qu’il n’en est rien. Nous avons identifié deux formes de
crise dont l’occurrence dépend de la proportion entre les secteurs et du taux d’accumulation
du secteur qui produit les moyens de production. Suivant une suggestion de Marx, nous
accordons une attention particulière à l’analyse des conditions physiques de la reproduction,
même si son schéma ne connaît que des quantités monétaires. Sur cette base, nous
déterminons les proportions critiques au-delà desquelles une crise se produira. On montre que
si, comme Marx l’admet, les marchandises s’échangent à leur valeur, les proportions critiques
seront modifiées.

Mot(s) clé(s)

Marx, reproduction, crises