Joan Robinson's growth model

Joan Robinson in her book The Accumulation of Capital published in 1956, propagated a simple growth model, which reflects the working of a pure capitalist economy, also known as the "Joan Robinson's Growth Model". However, the Accumulation of Capital was a terse book and in one of her other books entitled Essays in the theory of Economic Growth, she tried to lower the degree of abstraction. The growth model was propagated in verbal terms, where later on the mathematical formalization was put forward by Kenneth K. Kurihara.

Assumptions:

The entrepreneurs total profit and the workers total wage bill constitute the Net National Income in Joan Robinson's Growth Model. It can be mathematically expressed as
pY=wN+πpK
where Y is the net national income, w is the money wage rate, N the number of workers employed, K is the amount of capital utilized, p is the average price of output as well as of capital and π is the gross profit rate (including the rate).

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