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Goodwin's Structural Economic Dynamics: Modelling Schumpeterian and Keynesian Insights

  • Michael Landesmann

    ()

    (The Vienna Institute for International Economic Studies, wiiw)

  • Robert Stehrer

    ()

    (The Vienna Institute for International Economic Studies, wiiw)

In this paper we pursue the work started jointly with Richard M. Goodwin in the 1990s. Goodwin's later work went very much in the direction of modelling Schumpeter's insights into structural and technological transformations in the context of disaggregated models while allowing for non-full employment outcomes and macroeconomic cyclical patterns to develop anlongside these transformations. In a series of papers we have followed up this work for closed and open economies, drawing out in particular the implications of structural transformations for macrodistributional dynamics and effective demand problems. This has been analysed for advanced and catching-up economies and their interdependencies on the global stage. We shall review our modelling efforts in this respect and trace these back to Goodwin's life-long preoccupation with synthesizing disaggregated (linear) modelling with macro-dynamic analysis.

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Paper provided by The Vienna Institute for International Economic Studies, wiiw in its series wiiw Working Papers with number 41.

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Date of creation: Oct 2006
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Publication status: Published as wiiw Working Paper
Handle: RePEc:wii:wpaper:41
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  1. Michael A. Landesmann & Robert Stehrer, 2000. "Industrial Specialization, Catching-up and Labour Market Dynamics," Metroeconomica, Wiley Blackwell, vol. 51(1), pages 67-101, 02.
  2. Mueller,Dennis C., 2009. "Profits in the Long Run," Cambridge Books, Cambridge University Press, number 9780521101592.
  3. Robert Stehrer, 2002. "Dynamics of Trade Integration and Technological Convergence," Economic Systems Research, Taylor & Francis Journals, vol. 14(3), pages 219-244.
  4. Michael A. Landesmann & Robert Stehrer, 2007. "Income Distribution, Technical Change And The Dynamics Of International Economic Integration," Metroeconomica, Wiley Blackwell, vol. 58(1), pages 45-73, 02.
  5. Michael Landesmann & Robert Stehrer, 2002. "Technical Change, Effective Demand and Economic Growth," wiiw Working Papers 22, The Vienna Institute for International Economic Studies, wiiw.
  6. Robert Stehrer & Michael A. Landesmann, 2004. "Technology Diffusion, International Competition and Effective Demand," Revue d'Économie Industrielle, Programme National Persée, vol. 105(1), pages 23-46.
  7. Michael Landesmann & Robert Stehrer, 2004. "Modelling International Economic Integration: Patterns of Catching-up, Foreign Direct Investment and Migration Flows," wiiw Working Papers 27, The Vienna Institute for International Economic Studies, wiiw.
  8. Mueller, Dennis C, 1977. "The Persistence of Profits above the Norm," Economica, London School of Economics and Political Science, vol. 44(176), pages 369-80, November.
  9. Landesmann, Michael A. & Stehrer, Robert, 2001. "Convergence patterns and switchovers in comparative advantage," Structural Change and Economic Dynamics, Elsevier, vol. 12(4), pages 399-423, December.
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