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Dynamical Coupling with Especial Reference to Markets Having Production Lags

In: Essays in Economic Dynamics

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  • R. M. Goodwin

Abstract

There is widespread agreement that it is necessary to introduce into economics both dynamical relations and general interdependence. This is not a counsel of perfection or a manifestation of the desire for theoretical elegance and completeness. The most concrete, practical analysis is often vitiated by restrictive assumptions which ignore or ‘eliminate’ the elements of change and of interconnectedness. When two sectors of an economy are interdependent in some way (coupled, we may say), and when we have another than the null or trivial solution of no change, then it is quite inadmissible to discuss the one sector assuming the other unchanged. For, if the one does not remain constant, the other cannot either, by virtue of the coupling. Therefore to allow one sector to vary and keep the other constant would be to hold contradictory assumptions.

Suggested Citation

  • R. M. Goodwin, 1982. "Dynamical Coupling with Especial Reference to Markets Having Production Lags," Palgrave Macmillan Books, in: Essays in Economic Dynamics, chapter 3, pages 40-65, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-05504-3_3
    DOI: 10.1007/978-1-349-05504-3_3
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