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The Multiplier as Matrix

In: Essays in Linear Economic Structures

Author

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  • R. M. Goodwin

Abstract

The great attraction of the Keynesian system is its simplicity, which is, at the same time, its danger and its limitation. I propose to indicate how we may relax its cruder aggregative aspects without too hopelessly complicating matters. To accomplish this step we naturally turn to the Leontief matrix as an adequately simple representation of general equilibrium. Yet it is generically different from the Keynesian system by being homogeneous, i.e. the proportions are unique, but the scale of the whole system may be any multiple of the correct proportions. Only a small change is required to transform the one into the other, but it is just this small change which is necessary to study the short run generation and propagation of income.

Suggested Citation

  • R. M. Goodwin, 1983. "The Multiplier as Matrix," Palgrave Macmillan Books, in: Essays in Linear Economic Structures, chapter 1, pages 1-21, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05507-4_1
    DOI: 10.1007/978-1-349-05507-4_1
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    Cited by:

    1. G. C. Harcourt, 2015. "Fusing indissolubly the cycle and the trend: Richard Goodwin’s profound insight," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 39(6), pages 1569-1578.
    2. Bródy, András, 2007. "A ciklus oka és hatása [The cause and effect of cycles]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 903-914.
    3. Bródy, András, 2002. "Gazdasági számvetés. Tőkék és áramlatok [Economic accounting. Sums and flows of capital]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 943-959.

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