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Chaotic Economic Dynamics$
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Richard M. Goodwin

Print publication date: 1990

Print ISBN-13: 9780198283355

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198283350.001.0001

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Capitalism as Creative, Chaotic Evolution by Structural Change

Capitalism as Creative, Chaotic Evolution by Structural Change

(p.1) 1 Capitalism as Creative, Chaotic Evolution by Structural Change
Chaotic Economic Dynamics

Richard M. Goodwin

Oxford University Press

As in meteorology, prediction in economics is hampered by highly irregular, chaotic dynamics. A two‐sector model is employed to examine the complementary growth theories of Schumpeter and Keynes showing that innovation can lead to a decline in output. A brief history of the chaos theory follows noting that linear systems subject to shocks can appear chaotic. Finally, a further model demonstrates that innovation may stimulate a boom and subsequent collapse in output.

Keywords:   Cantor set, chaos theory, chaotic attractor, chaotic dynamics, growth theory, innovation, Keynes, output, prediction, Schumpeter

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