Radzicki, Michael J. - In: Feedback economics : economic modeling with system dynamics, (pp. 467-493). 2021
One of the many interesting controversies in economics concerns Harrod's "knife-edge" or Harrod's "razor’s edge". In 1939, Sir Roy Harrod published a paper in which he presented a dynamic macroeconomic model that appeared to have an unstable golden age growth path. If an external shock knocks...