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A Model Of Cyclical Growth

In: The Business Cycle in the Post-War World

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  • R. M. Goodwin

    (University of Cambridge)

Abstract

My primary concern in this paper is with the simultaneous existence and mutual conditioning of economic growth and economic cycles. It is clearly desirable to have one theory that encompasses both or, at least, to have a more intimate union of the two analyses than is ordinarily effected. It may be argued that this is too ambitious an aim and, in the light of the difficulties that I have encountered, I am inclined to agree. It is better to isolate problems and attack them one by one. Yet, in this particular case, I feel that there are strong reasons to doubt the soundness of analysing on the one hand steady development and on the other stationary cycles. It may well be that many of the serious difficulties of each, considered separately, will yield to a combined attack. But to achieve an advance in this direction we must pay a price, and the price is the abandonment of all but the crudest elements of economic theory.

Suggested Citation

  • R. M. Goodwin, 1955. "A Model Of Cyclical Growth," International Economic Association Series, in: Erik Lundberg (ed.), The Business Cycle in the Post-War World, pages 203-221, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-08437-1_10
    DOI: 10.1007/978-1-349-08437-1_10
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    Cited by:

    1. Dohtani, Akitaka, 2010. "A growth-cycle model of Solow-Swan type, I," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 428-444, November.
    2. Artem Prokhorov, 2008. "Nonlinear dynamics and chaos theory in economics: a historical perspective (in Russian)," Quantile, Quantile, issue 4, pages 79-92, March.
    3. Frédéric Lordon, 1995. "Cycles et chaos dans un modèle hétérodoxe de croissance endogène," Revue Économique, Programme National Persée, vol. 46(6), pages 1405-1432.
    4. Hanappi, Hardy, 2013. "Money, Credit, Capital and the State: On the evolution of money and institutions," MPRA Paper 47166, University Library of Munich, Germany.
    5. K. Vela Velupillai, 2011. "Postkeynesian Precepts for Nonlinear, Endogenous, Nonstochastic, Business Cycle Theories," ASSRU Discussion Papers 1107, ASSRU - Algorithmic Social Science Research Unit.
    6. Sordi, Serena & Vercelli, Alessandro, 2006. "Discretely proceeding from cycle to chaos on Goodwin's path," Structural Change and Economic Dynamics, Elsevier, vol. 17(4), pages 415-436, December.

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