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Economic models and the relevance of “chaotic regions”:An application to Goodwin's growth cycle model

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  • S. Sordi

Abstract

In this paper, we argue that Pohjola's one‐dimensional, discrete‐time version of Goodwin'sgrowth cycle model is based on assumptions that conflict with the “symbiotic‐conflictual”spirit of the model. It is shown that when the assumption about the dynamical real wage ismodified, in contrast with Pohjola's opinion, the likelihood of chaotic solutions does notincrease. In particular, when a discrete‐time Phillips curve is considered, the model becomestwo‐dimensional, but admits chaotic solutions only for parameter values which are not withineconomically reasonable values. Copyright Kluwer Academic Publishers 1999

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  • S. Sordi, 1999. "Economic models and the relevance of “chaotic regions”:An application to Goodwin's growth cycle model," Annals of Operations Research, Springer, vol. 89(0), pages 3-19, January.
    • Handle: RePEc:spr:annopr:v:89:y:1999:i:0:p:3-19:10.1023/a:1018987909832
    DOI: 10.1023/A:1018987909832
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    Cited by:

    1. Luís Francisco Aguiar-Conraria, 2007. "A Note on the Stability Properties of Goodwin's Predator-Prey Model," NIPE Working Papers 5/2007, NIPE - Universidade do Minho.
    2. Moura, N.J. & Ribeiro, Marcelo B., 2013. "Testing the Goodwin growth-cycle macroeconomic dynamics in Brazil," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(9), pages 2088-2103.
    3. Giovanni Dosi & Mauro Sodini & Maria Virgillito, 2015. "Profit-driven and demand-driven investment growth and fluctuations in different accumulation regimes," Journal of Evolutionary Economics, Springer, vol. 25(4), pages 707-728, September.

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