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A Note on the Stability Properties of Goodwin's Predator—Prey Model

Author

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  • Luís Aguiar-Conraria

    (NIPE, Departamento de Economia, Universidade do Minho, Escola de Economia e Gestão, Campus de Gualtar, 4710-057 Braga, lfaguiar@eeg.uminho.pt)

Abstract

Goodwin's predator—prey model is structurally unstable, with an equilibrium that is neither stable nor unstable. Ploeg showed that relaxing the hypothesis of fixed proportion technology would stabilize the equilibrium. On the other hand, Goodwin showed that the equilibrium becomes unstable when endogenous productivity growth is considered. I study the consequences of considering both effects and conclude that the stabilizing effect of a flexible technology is much stronger than the destabilizing effect of endogenizing labor productivity.

Suggested Citation

  • Luís Aguiar-Conraria, 2008. "A Note on the Stability Properties of Goodwin's Predator—Prey Model," Review of Radical Political Economics, Union for Radical Political Economics, vol. 40(4), pages 518-523, December.
    • Handle: RePEc:sae:reorpe:v:40:y:2008:i:4:p:518-523
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    Cited by:

    1. Nikolaos Rodousakis, 2014. "The Stability Properties of Goodwin’s Growth Cycle Model with a Variable Elasticity of Substitution Production Function," Studies in Microeconomics, , vol. 2(2), pages 213-223, December.
    2. Moura, N.J. & Ribeiro, Marcelo B., 2013. "Testing the Goodwin growth-cycle macroeconomic dynamics in Brazil," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 392(9), pages 2088-2103.
    3. Alexander V. Ryzhenkov, 2022. "Increasing returns and business cycles in a family of Goodwinian models with Leontiev technology," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 11(1), pages 1-47, December.

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