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Goodwin's Structural Economic Dynamics: Modelling Schumpeterian and Keynesian Insights

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  • Michael Landesmann

    ()
    (The Vienna Institute for International Economic Studies, wiiw)

  • Robert Stehrer

    ()
    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

In 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 Info

Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Working Papers with number 41.

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Date of creation: Oct 2006
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Publication status: Published as wiiw Working Paper
Handle: RePEc:wii:wpaper:41

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Keywords: Richard Goodwin; structural economic dynamics; modelling global economic integration;

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  1. Robert Stehrer, 2002. "Dynamics of Trade Integration and Technological Convergence," Economic Systems Research, Taylor & Francis Journals, Taylor & Francis Journals, vol. 14(3), pages 219-244.
  2. Michael Landesmann & Robert Stehrer, 2004. "Modelling International Economic Integration: Patterns of Catching-up, Foreign Direct Investment and Migration Flows," wiiw Working Papers, The Vienna Institute for International Economic Studies, wiiw 27, The Vienna Institute for International Economic Studies, wiiw.
  3. Mueller,Dennis C., 2009. "Profits in the Long Run," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521101592.
  4. Michael A. Landesmann & Robert Stehrer, 2007. "Income Distribution, Technical Change And The Dynamics Of International Economic Integration," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 58(1), pages 45-73, 02.
  5. Landesmann, Michael A. & Stehrer, Robert, 2001. "Convergence patterns and switchovers in comparative advantage," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 12(4), pages 399-423, December.
  6. Michael A. Landesmann & Robert Stehrer, 2000. "Industrial Specialization, Catching-up and Labour Market Dynamics," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 51(1), pages 67-101, 02.
  7. Robert Stehrer & Michael A. Landesmann, 2004. "Technology Diffusion, International Competition and Effective Demand," Revue d'Économie Industrielle, Programme National Persée, vol. 105(1), pages 23-46.
  8. Michael Landesmann & Robert Stehrer, 2002. "Technical Change, Effective Demand and Economic Growth," wiiw Working Papers, The Vienna Institute for International Economic Studies, wiiw 22, The Vienna Institute for International Economic Studies, wiiw.
  9. Mueller, Dennis C, 1977. "The Persistence of Profits above the Norm," Economica, London School of Economics and Political Science, London School of Economics and Political Science, vol. 44(176), pages 369-80, November.
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Cited by:
  1. Thomas Gries & Wim Naudé, 2010. "Entrepreneurship and structural economic transformation," Small Business Economics, Springer, Springer, vol. 34(1), pages 13-29, January.
  2. Ainura Uzagalieva & Evžen Kocenda & Antonio Menezes, 2010. "Technological Imitation and Innovation in New European Union Markets," CESifo Working Paper Series 3039, CESifo Group Munich.

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