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This paper shows that the incorporation of the Bhaduri-Marglin accumulation function in Goodwin’s growth cycle model is equivalent to the introduction of a sign-variable friction coefficient into the equations of motion. The local dynamic properties of that extended system depend on (i) the form of the accumulation function; and (ii) the elasticity of the economy-wide capital-intensity with respect to the share of profits in total income. It then follows that the equilibrium in the profit-led (wage-led) growth regime is not necessarily locally stable (unstable).

Goodwin’s Growth Cycle Model with the Bhaduri-Marglin Accumulation Function