Classical Dynamics: The Corn Economy

Richard M. Goodwin

in Chaotic Economic Dynamics

Published in print November 1990 | ISBN: 9780198283355
Published online November 2003 | e-ISBN: 9780191596315 | DOI:
 Classical Dynamics: The Corn Economy

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Deals with the classical dynamical problem of technological advances in an agricultural (corn) economy. Goodwin asserts that two mis‐specifications—concerning labour supply and technical progress—hampered classical models. A discrete time model is proposed with corn production embedded in a wider economy. The model has a chaotic attractor, and highly erratic market dynamics follow even in the absence of exogenous shocks.

Keywords: chaotic attractor; corn economy; exogeneity; labour supply; Malthusian economics; market; non‐linear dynamical model; production; Say's law; technological progress

Chapter.  1607 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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