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Structural Economic Dynamics: Catching-Up and the Global Deflationary Bias

In: Prices, Growth and Cycles

Author

Listed:
  • Michael A. Landesmann
  • Richard M. Goodwin
  • Robert Stehrer

Abstract

András Bródy has had, just as one of the co-authors of this paper (Richard Goodwin), a life-long interest in the relationship between dynamics and structure. Formally, it is difficult to bring these two elements together since sensible dynamic economic models should be non-linearly specified, but models which introduce many dimensions (to represent ‘structure’) are not well understood analytically if they contain non-linearities. Nonetheless, both Bródy and Goodwin have always pointed out that to study dynamics in capitalist economies as well as in formerly planned economies properly, structure and structural change cannot be abstracted from; furthermore, they were keenly aware of the importance of using the advances made in nonlinear dynamics for modern business cycle analysis (for examples in Bródy’s work of both concerns see Bródy, 1983, 1989, 1990, 1992). Bridging the gap between the detailed analysis of changing structure and macrodynamics remains a challenge to the students of both Bródy and Goodwin.

Suggested Citation

  • Michael A. Landesmann & Richard M. Goodwin & Robert Stehrer, 1997. "Structural Economic Dynamics: Catching-Up and the Global Deflationary Bias," Palgrave Macmillan Books, in: András Simonovits & Albert E. Steenge (ed.), Prices, Growth and Cycles, chapter 9, pages 161-183, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25275-6_9
    DOI: 10.1007/978-1-349-25275-6_9
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    Cited by:

    1. Landesmann, M.A. & Stehrer, R., 2006. "Goodwin's structural economic dynamics: Modelling Schumpeterian and Keynesian insights," Structural Change and Economic Dynamics, Elsevier, vol. 17(4), pages 501-524, December.

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