Autonomous demand and the warranted rate of growth

Unless equality is exogenously imposed between the rate of growthof autonomous demand and the warranted rate, a given rate ofgrowth of autonomous demand generates various 'short-period'warranted rates of growth, period by period. In a stable case,these 'short-period' warranted rates converge to a unique 'long-period'warranted rate, this being determined independently of the rateof growth of autonomous demand. Thus one has a non-steady pathof normal output growth. Different rates of growth of autonomousdemand engender, for one and the same configuration of normalincome distribution, different paths of normal output growth.Moreover, in a circulating-capital-only model with a given constantrate of growth of autonomous demand, different initial ratesof growth in aggregate demand also produce different paths ofnormal output growth. These results point to the importanceof effective demand in capital accumulation.