Nonlinear Dynamical Model of Economy with Embodied Technological Progress
Contemporary economics contains mainly two approaches for an explanation of fluctuations of economic activity indicators. The first approach expresses fluctuations as the expression of an environment that is fundamentally uncertain and subject to random external shocks. The second approach expresses fluctuations as the expression of a deterministic dynamic process producing more complex behaviour of the economic system. This approach was used by us in traditional dynamical Kaldor model. A purpose of this paper is to develop from traditional Goodwinâ€™s model predator-prey model with specific function for a technical progress. This approach results in a system of differential equations. This system contains a rate of employment, a share of labour, and a variable rate of technical progress.
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