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

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  • Michael Landesmann

    (The Vienna Institute for International Economic Studies, wiiw)

  • Robert Stehrer

    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

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.

Suggested Citation

  • Michael Landesmann & Robert Stehrer, 2006. "Goodwin's Structural Economic Dynamics: Modelling Schumpeterian and Keynesian Insights," wiiw Working Papers 41, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:wpaper:41
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    References listed on IDEAS

    as
    1. 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, February.
    2. Michael A. Landesmann & Robert Stehrer, 2000. "Industrial Specialization, Catching-up and Labour Market Dynamics," Metroeconomica, Wiley Blackwell, vol. 51(1), pages 67-101, February.
    3. Michael Landesmann & Robert Stehrer, 2002. "Technical Change, Effective Demand and Economic Growth," wiiw Working Papers 22, The Vienna Institute for International Economic Studies, wiiw.
    4. R. M. Goodwin, 1983. "Essays in Linear Economic Structures," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-05507-4, December.
    5. Mueller,Dennis C., 2009. "Profits in the Long Run," Cambridge Books, Cambridge University Press, number 9780521101592.
    6. Robert Stehrer, 2002. "Dynamics of Trade Integration and Technological Convergence," Economic Systems Research, Taylor & Francis Journals, vol. 14(3), pages 219-244.
    7. R. M. Goodwin, 1983. "Use of Normalised General Co-ordinates in Linear Value and Distribution Theory," Palgrave Macmillan Books, in: Essays in Linear Economic Structures, chapter 7, pages 130-152, Palgrave Macmillan.
    8. 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.
    9. Michael A. Landesmann & Richard M. Goodwin & Robert Stehrer, 1997. "Structural Economic Dynamics: Catching-Up and the Global Deflationary Bias," Palgrave Macmillan Books, in: András Simonovits & Albert E. Steenge (ed.), Prices, Growth and Cycles, chapter 9, pages 161-183, Palgrave Macmillan.
    10. 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.
    11. Michael A. Landesmann & Robert Stehrer, 2004. "Technology Diffusion, International Competition and Effective Demand," Revue d'Économie Industrielle, Programme National Persée, vol. 105(1), pages 23-46.
    12. Mueller, Dennis C, 1977. "The Persistence of Profits above the Norm," Economica, London School of Economics and Political Science, vol. 44(176), pages 369-380, November.
    13. R. M. Goodwin, 1982. "Essays in Economic Dynamics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-05504-3, December.
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    Cited by:

    1. Ainura Uzagalieva & Evžen Kocenda & Antonio Menezes, 2010. "Technological Imitation and Innovation in New European Union Markets," CESifo Working Paper Series 3039, CESifo.
    2. Thomas Gries & Wim Naudé, 2010. "Entrepreneurship and structural economic transformation," Small Business Economics, Springer, vol. 34(1), pages 13-29, January.

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    More about this item

    Keywords

    Richard Goodwin; structural economic dynamics; modelling global economic integration;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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