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Chaotic Economic Dynamics

Richard M. Goodwin

Published in print November 1990 | ISBN: 9780198283355
Published online November 2003 | e-ISBN: 9780191596315 | DOI: http://dx.doi.org/10.1093/0198283350.001.0001
Chaotic Economic Dynamics

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This collection of short essays provides an application of chaotic dynamics to economic systems. Each chapter presents several economic models incorporating differential (or difference) equations such as the Rössler equations, which exhibit a chaotic attractor. Combining the insights of Schumpeter, Marx, and Keynes, the models endogenously generate irregular, wavelike growth. Goodwin therefore argues that the apparent unpredictability of economic systems is due to deterministic chaos as much as to exogeneous shocks. The book is aimed primarily at economists interested in theories of economic growth. However, readers with a general interest in the application of chaos theory to social sciences will also find it useful. Some mathematical knowledge of systems of differential equations is assumed.

Keywords: chaos theory; chaotic attractor; deterministic chaos; differential equations; economic dynamics; economic growth; exogeneity; Keynes; Rössler equations; Schumpeter

Book.  146 pages.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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Table of Contents

Classical Dynamics: The Corn Economy in Chaotic Economic Dynamics

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