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1、Profit-drivenanddemand-driveninvestmentgrowthandfluctuationsindifferentaccumulationregimes.GiovanniDosi∗1,MauroSodini2andMariaEnricaVirgillito11Sant’AnnaSchoolofAdvancedStudies2UniversityofPisaAbstractThemaintaskofthisworkistodevelopamodelabletoencompass
2、,atthesametime,Keynesian,demand-driven,andMarxian,profit-drivendeterminantsoffluctuations.OurstartingpointistheGoodwinmodel(1967),rephrasedindis-cretetimeandextendedbymeansofacoupleddynamicsstructure.Themodelentailsthecombinedinteractionofademandeffect,w
3、hichresemblesarudimentaryfirstapproximationtoanaccelerator,andofahysteresiseffectinwageformationinturnaffectinginvestments.Ourmodelyieldsbusinesscyclemovementseitherbymeansofpersistentharmonicoscillations,orchaoticmotions.Thesetwodifferentdynamicalpaths
4、accountingforthebehaviourofthesystemareinfluencedbyits(predominantly)profit-ledorwage-ledstructures.Keywords:EndogenousGrowth;BusinessCycles;Investment;AggregateDemand;ComplexSystems;NonlinearDynamics;ChaosTheory.JELClassification:E32,E11,E12,E171Introduc
5、tionCapitalisticgrowthproceedsthroughfitsandstartsasSchumpeter(1934)putit.In-deedfluctuationsarepermanentfeatureofmoderneconomicdynamics.Butwhatdrivesthem?Asknown,thetheoryofferstwoensemblesofanswersdependingon∗gdosisssup.itm.sodiniec.unipi.itm.v
6、irgillitosssup.it(correspondingauthor)1whetherfluctuationsareseenasdrivenbyexogenousshocksorbyendogenousdeter-minants.Inthisworkweshallfocusonthelatterexplanations.Themaintaskistodevelopamodelabletoencompass,atthesametime,Keynesian,demand-driven,and
7、Marxian,profit-drivendeterminantsoffluctuations.OurstartingpointistheGoodwinmodel(1967),rephrasedindiscretetimeandextendedbymeansofacoupleddynamicsstructure.Themodelentailsthecombinedinteractionofademandeffect,whichresem-blesarudimentaryfirstapproximation
8、toanaccelerator,andofahysteresiseffectinwageformationinturnaffectinginvestments.Ourmodelyieldsbusinesscyclemovementseitherbymeansofpersistentharmonicoscillations,orchaoticmotions.Thesetwodif-ferentdynamicalpathsaccountingforthebehaviour
