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Schumpeter, Keynes and the Theory of Economic Evolution

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  • Goodwin, R M

Abstract

The contribution deals with a nonlinear dynamic macro-economic model which is used for simulation runs. Conditions and model specifications allowing for global stability are investigated and tested. Based on this some well-known facts as Schumpeterian long-wave phenomena, Keynesian unemployment, productivity growth effects are simulated. Moreover specifying an instrumental variable for state interventions policy issues are also discussed. With this runs it is shown that minor changes of parameters may provide totally different outcomes and different economic developments.

Suggested Citation

  • Goodwin, R M, 1991. "Schumpeter, Keynes and the Theory of Economic Evolution," Journal of Evolutionary Economics, Springer, vol. 1(1), pages 29-47, January.
    • Handle: RePEc:spr:joevec:v:1:y:1991:i:1:p:29-47
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    1. repec:dau:papers:123456789/6516 is not listed on IDEAS
    2. Silva, Ester G. & Teixeira, Aurora A.C., 2008. "Surveying structural change: Seminal contributions and a bibliometric account," Structural Change and Economic Dynamics, Elsevier, vol. 19(4), pages 273-300, December.
    3. Vipin P. Veetil, 2021. "The pausing view of unemployment," Evolutionary and Institutional Economics Review, Springer, vol. 18(2), pages 435-446, September.
    4. Daniele Tavani & Luke Petach, 2021. "Firm beliefs and long-run demand effects in a labor-constrained model of growth and distribution," Journal of Evolutionary Economics, Springer, vol. 31(2), pages 353-377, April.
    5. Gianfranco Giulioni, 2011. "The product innovation process and GDP dynamics," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 595-618, October.
    6. Grassetti, F. & Guzowska, M. & Michetti, E., 2020. "A dynamically consistent discretization method for Goodwin model," Chaos, Solitons & Fractals, Elsevier, vol. 130(C).
    7. Vipin P. Veetil, 2021. "Schumpeter’s business cycle theory and the diversification argument," Evolutionary and Institutional Economics Review, Springer, vol. 18(1), pages 273-288, April.
    8. Marwil J. Dávila-Fernández, 2020. "Alternative approaches to technological change in a small open economy," Journal of Evolutionary Economics, Springer, vol. 30(2), pages 279-317, April.

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