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The Structural and Dynamical Instability of the Modern 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:
10.1093/0198283350.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Addresses a weakness in Schumpeterian thought: innovation need not lead to higher output. An innovation has two opposing effects: it increases investment, thereby increasing labour demand; it also ... More


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