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Development: Multiple Attractors

In: Attractors, Bifurcations, & Chaos

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  • Tönu Puu

    (Umeå University, Centre for Regional Science)

Abstract

Most existent dynamic macroeconomic models share two features which may be strongly objected on grounds of realism: They produce exponential growth, beyond any bound, and they possess unique paths of development. Moreover, these paths are often unstable, so called knife edge balanced growth routes, a limitation clearly admitted by the originator Sir Roy Harrod in 1948, but forgotten by later growth theorists. This is just a modelling imperfection — a misspecification of the process due to choosing a too low order for it — which we will not further elaborate on in the present context.

Suggested Citation

  • Tönu Puu, 2003. "Development: Multiple Attractors," Springer Books, in: Attractors, Bifurcations, & Chaos, edition 0, chapter 13, pages 503-527, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-24699-2_13
    DOI: 10.1007/978-3-540-24699-2_13
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