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Nonlinear Dynamical Model of Economy with Embodied Technological Progress

Author

Listed:
  • Jan Kodera

    (Econometrics Academy of Sciences)

  • Miloslav Vosvrda

    (Academy of Sciences)

Abstract

Contemporary economics contains mainly two approaches for an explanation of fluctuations of economic activity indicators. The first approach expresses fluctuations as the expression of an environment that is fundamentally uncertain and subject to random external shocks. The second approach expresses fluctuations as the expression of a deterministic dynamic process producing more complex behaviour of the economic system. This approach was used by us in traditional dynamical Kaldor model. A purpose of this paper is to develop from traditional Goodwin’s model predator-prey model with specific function for a technical progress. This approach results in a system of differential equations. This system contains a rate of employment, a share of labour, and a variable rate of technical progress.

Suggested Citation

  • Jan Kodera & Miloslav Vosvrda, 2006. "Nonlinear Dynamical Model of Economy with Embodied Technological Progress," Computing in Economics and Finance 2006 264, Society for Computational Economics.
    • Handle: RePEc:sce:scecfa:264
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    More about this item

    Keywords

    Goodwin’s model predator-prey model; rate of employment; share of labour; technical progress;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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