Chaotic Economic Dynamics
Richard M. Goodwin
Abstract
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 g ... More
Keywords: chaos theory, chaotic attractor, deterministic chaos, differential equations, economic dynamics, economic growth, exogeneity, Keynes, Rössler equations, Schumpeter
Bibliographic Information
| Print publication date: 1990 | Print ISBN-13: 9780198283355 |
| Published to Oxford Scholarship Online: November 2003 | DOI:10.1093/0198283350.001.0001 |
