The paper proposes an elementary macroeconomic growth model in which the evolution of inventories can be studied in combination with the accumulation of fixed capital. Inventory investment is specified along Metzlerian lines, while expected sales are determined by an adaptive expectations mechanism. Alternatively, myopic perfect foresight is considered. It is argued that the steady state position is typically unstable. Employing a flexibility condition for the stock-adjustment speed of inventories ensures convergence to periodic growth cycles. Finally, the model is calibrated such that the numerical simulations are largely compatible with empirical time series.