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Social Rigidities, Growth Cycles and Development Planning

In: Nonlinear and Multisectoral Macrodynamics

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  • Amiya Kumar Bagchi

Abstract

In 1956, Richard Goodwin constructed a model for drawing out an optimal growth path for an underdeveloped economy. This was published in the Economic Journal five years later (Goodwin, 1961). One novel feature of the model was that it used difference equations to solve a problem in the calculus of variations. Another feature was that it considered the whole growth path and not just two terminal points along the path and provided explicitly for ‘life after planning’ in the shape of a capital stock which would permit a certain minimum rate of growth of national (any per capita) income. Although many other economists became involved in drawing up optimal growth models later on, in 1967, Sen still considered Goodwin’s model (and solution) to be ‘more interesting’ than the available alternatives. It still remains an illuminating construct because of the clarity of its assumptions, its method of exposition and the way the limitations of the basic model are laid bare.

Suggested Citation

  • Amiya Kumar Bagchi, 1990. "Social Rigidities, Growth Cycles and Development Planning," Palgrave Macmillan Books, in: Kumaraswamy Velupillai (ed.), Nonlinear and Multisectoral Macrodynamics, chapter 9, pages 118-148, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10612-7_9
    DOI: 10.1007/978-1-349-10612-7_9
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