We received a very interesting reference from Prof. Franklin Serrano, about a Prof. Allain ´s paper, (2013) Tackling the Instability of Growth: A Kaleckian Model with Autonomous Demand Expenditures, where it shows the dynamic stability of the sraffian supermultiplier Franklin Serrano (1995).
Here is Prof. Allain´s most welcome contribution on the dynamic stability of the sraffian supermultiplier.
Note that his stability condition , given in equation c5 (p.13) of this version, is:
Prof. Allain unfortunately follows the bad Lance Taylor habit of implicitly assuming the normal capital output v to be equal to one (his equation (1) p.4). Once we realize this and changing to our more familiar symbols we get:
vx < s − vz
z+x < s/v
and it means in plain english that the marginal propensity to spend in the vicinity of the fully adjusted position must be below one during the adjustment.