Abstract
The Keynesian analysis of short-period equilibrium proceeds in real and money terms but ignores capital accumulation and all except autonomous investment. Population growth and technical progress do not arise. On the other hand, it is just these factors that characterise long-period equilibrium, but the treatment we have given is very narrowly based. It is confined to growth in real terms and it simply discards much of the apparatus of the Keynesian system.
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© 1967 R. G. D. Allen
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Allen, R.G.D. (1967). Multiplier-Accelerator Models. In: Macro-Economic Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-81541-8_17
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DOI: https://doi.org/10.1007/978-1-349-81541-8_17
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-81543-2
Online ISBN: 978-1-349-81541-8
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