Goodwin's structural economic dynamics: Modelling Schumpeterian and Keynesian insights
AbstractIn this paper we pursue the work started jointly with Richard M. Goodwin in the 1990s. Goodwin's later work went very much in the direction of modelling Schumpeter's insights into structural and technological transformations in the context of disaggregated models while allowing for non-full employment outcomes and macroeconomic cyclical patterns to develop anlongside these transformations. In a series of papers we have followed up this work for closed and open economies, drawing out in particular the implications of structural transformations for macrodistributional dynamics and effective demand problems. This has been analysed for advanced and catching-up economies and their interdependencies on the global stage. We shall review our modelling efforts in this respect and trace these back to Goodwin's life-long preoccupation with synthesizing disaggregated (linear) modelling with macro-dynamic analysis.
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Bibliographic InfoArticle provided by Elsevier in its journal Structural Change and Economic Dynamics.
Volume (Year): 17 (2006)
Issue (Month): 4 (December)
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Web page: http://www.elsevier.com/locate/inca/525148
Other versions of this item:
- Michael Landesmann & Robert Stehrer, 2006. "Goodwin's Structural Economic Dynamics: Modelling Schumpeterian and Keynesian Insights," wiiw Working Papers 41, The Vienna Institute for International Economic Studies, wiiw.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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