Chaotic Economic Dynamics

by Goodwin, Richard M.

• ISBN13: 9780198283355
• ISBN10: 0198283350
• Format: Hardcover
• Copyright: 1990-12-27
• Publisher: Oxford University Press

Summary

The new science of chaos came about through weather analysis. Starting from the premise that economics is equally unpredictable, this original new book explores the ways that chaos theory may be used for economic analysis. The author shows that, since chaos theory sets out to demonstrate erratic and unpredictable behavior in a situation of total cause and effect, it has much to offer in understanding human society and the unpredictable nature of economics. It has always been assumed that the highly irregular behavior of economic time series was the consequence of extra-economic disturbances such as political decisions, trade unions, the weather, foreign trade, etc. Goodwin makes it clear that there are not one, but two explanations of this confusing behavior.

Table of Contents

chaotic Economic Dynamics	p. i
Chaotic Economic Dynamics	p. iii
Preface	p. v
Capitalism as Creative, Chaotic Evolution by Structural Change	p. 1
Classical Dynamics: The Corn Economy	p. 22
The Von Neumann Model as a Chaotic Attractor	p. 30
Growing in Short and Long Waves: Schumpeter	p. 41
The Structural and Dynamical Instability of the Modern Economy	p. 56
An Analysis of High and Low Growth Rates†	p. 72
Irregular Waves of Growth from Structural Innovation	p. 85
Dynamical Control of Economic Waves by Fiscal Policy	p. 102
A Fresh Look at Traditional Cycle Models	p. 111
Chaotic, Aperiodic Behaviour from Forced Oscillators	p. 117
Further Reading	p. 131
Index	p. 133
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