Hicksian Visions and Vignettes on (Non-Linear) Trade Cycle Theories
Hicks theorized about the trade cycle, from many perspectives, over the whole span of his long, fertile and distinguished profes- sional life. Beginning with thoughts on an equilibrium approach to the problem of the trade cycle in the early 30s, traversing1 those disequilibrium workhorses of macrodynamics, IS-LM and Multiplier- Accelerator models, he returned, in hunted hare fashion, to a Robert- sonian starting point. In this paper I attempt to construct a math- ematical tapestry of some of these Hicksian visions and vignettes, concentrating on (non-linear) trade cycle theories. I suggest that there are still pearls of analytical wisdom, on the non-linear dynam- ics of trade cycle theory, to be extracted from A Contribution to the Theory of the Trade Cycle (CTTC). The unlikely link between the way an economic conundrum, inherent in CTTC, was resolved and the resolution of (Part B of) Hilbert?s 16th Problem for Liénard?s equation is brie?y mentioned.
|Date of creation:||2004|
|Date of revision:||2004|
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- S. C. Tsiang, 1951. "Accelerator, Theory of the Firm and the Business Cycle," The Quarterly Journal of Economics, Oxford University Press, vol. 65(3), pages 325-341.
- Velupillai, K, 1998. "Richard M. Goodwin 1913-1996," Economic Journal, Royal Economic Society, vol. 108(450), pages 1436-49, September.
- Torre, V, 1977. "Existence of Limit Cycles and Control in Complete Keynesian System by Theory of Bifurcations," Econometrica, Econometric Society, vol. 45(6), pages 1457-66, September.
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