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Chaotic Economic Dynamics

Richard M. Goodwin

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283355
eISBN:
9780191596315
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198283350.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This collection of short essays provides an application of chaotic dynamics to economic systems. Each chapter presents several economic models incorporating differential (or difference) equations ... More


The von Neumann Model as a Chaotic Attractor

Richard M. Goodwin

in Chaotic Economic Dynamics

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283355
eISBN:
9780191596315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283350.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Teases out parallels in the thinking of von Neumann and Marx. Goodwin presents a simplified version of the von Neumann model removing the assumption of infinite labour supply. The resulting ... More


Classical Dynamics: The Corn Economy

Richard M. Goodwin

in Chaotic Economic Dynamics

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283355
eISBN:
9780191596315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283350.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

Deals with the classical dynamical problem of technological advances in an agricultural (corn) economy. Goodwin asserts that two mis‐specifications—concerning labour supply and technical ... More


Capitalism as Creative, Chaotic Evolution by Structural Change

Richard M. Goodwin

in Chaotic Economic Dynamics

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283355
eISBN:
9780191596315
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283350.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

As in meteorology, prediction in economics is hampered by highly irregular, chaotic dynamics. A two‐sector model is employed to examine the complementary growth theories of Schumpeter and Keynes ... More


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