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Fusing Indissolubly the Cycle and the Trend: Richard Goodwin’s Profound Insight


  • Geoff Harcourt

    (School of Economics, University of New South Wales)


A major concern for Richard Goodwin all of his professional life was to understand the laws of motion of the capitalist mode of production. This led very early on to his profound insight that the trend and cycle are indissolubly fused and ultimately to his most important theoretical construct, the growth cycle. This article sets out the historical development of his idea and discusses the influences on him as it was developed and the contexts in which his idea was set.
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  • Geoff Harcourt, 2012. "Fusing Indissolubly the Cycle and the Trend: Richard Goodwin’s Profound Insight," Discussion Papers 2012-30, School of Economics, The University of New South Wales.
  • Handle: RePEc:swe:wpaper:2012-30

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    References listed on IDEAS

    1. J. A. Kregel, 1980. "Economic Dynamics and the Theory of Steady Growth: An Historical Essay on Harrod's ‘Knife-edge'," History of Political Economy, Duke University Press, vol. 12(1), pages 97-123, Spring.
    2. Peter Kriesler & J W Nevile, 2008. "Escaping from a Blind Alley: Disequilibrium in the Dynamic Analysis of Harrod and Kalecki," Discussion Papers 2008-12, School of Economics, The University of New South Wales.
    3. G. C. Harcourt, 1985. "A Twentieth-Century Eclectic: Richard Goodwin," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 7(3), pages 410-421, March.
    4. G. C. Harcourt, 1995. "Capitalism, Socialism and Post-Keynesianism," Books, Edward Elgar Publishing, number 206.
    5. Harcourt, G C, 1994. "Kahn and Keynes and the making of The General Theory," Cambridge Journal of Economics, Oxford University Press, vol. 18(1), pages 11-23, February.
    6. Richard M. Goodwin, 1980. "World Trade Multipliers," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 2(3), pages 319-344, April.
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    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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