Marxian Growth Model with Production Delay

In this study we demonstrate the possibility of persistent oscillations of national income in ala Marxian growth model with consumption and investment sectors. Three main results are shown.First, the existence of the steady state is conrmed. Second, the discrete-time dynamic model augmented with pollution effects generates simple as well as complex dynamics. Finally, the continuous-time dynamic model with production delay gives rise to regular as well as erratic dynamics. These findings indicate that the Marxian growth model with nonlinearity and production delay may explain various dynamic phenomena of economic variables