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Static and Dynamic Linear General Equilibrium Models

In: Essays in Linear Economic Structures

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  • R. M. Goodwin

Abstract

It is a melancholy reflection that, after about a century and a half of intensive effort by a distinguished line of investigators, it is still doubtful whether we can state any quantitative, empirical law in economics. A large part of the reason for this must lie in the nature of the problem, i.e. a very complex structure plus a state of continued violent change. These conditions make it an all-or-none affair — we solve the economic problem or none at all — and thus substantially vitiate the brilliant or ingenious assaults on its various parts. If the economy were stationary, or nearly so, we might fruitfully isolate particular sectors or types of problems. Or if the parts were not so intimately related, we might make simple dynamical analyses of their behaviour. It is the fact that both conditions are present that makes each analysis so intractable and yet so unavoidable.

Suggested Citation

  • R. M. Goodwin, 1983. "Static and Dynamic Linear General Equilibrium Models," Palgrave Macmillan Books, in: Essays in Linear Economic Structures, chapter 5, pages 75-120, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-1-349-05507-4_5
    DOI: 10.1007/978-1-349-05507-4_5
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    Cited by:

    1. Bródy, András, 2002. "Bevezetés a mozgáselméletbe [Introduction to the theory of motion]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 105-125.
    2. Ahmad K. Naimzada & Serena Sordi, 2018. "On controlling chaos in a discrete†time Walrasian tâtonnement process," Metroeconomica, Wiley Blackwell, vol. 69(1), pages 178-194, February.
    3. Vallès Codina, Oriol, 2023. "Business cycles, sectoral price stabilization, and climate change mitigation: A model of multi-sector growth in the tradition of the Bielefeld disequilibrium approach," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 636-653.
    4. Lionello F. Punzo, 1995. "Some Complex Dynamics for a Multisectoral Model of the Economy," Revue Économique, Programme National Persée, vol. 46(6), pages 1541-1559.

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