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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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Chaotic, Aperiodic Behaviour from Forced Oscillators

Chaotic, Aperiodic Behaviour from Forced Oscillators

(p.117) 10 Chaotic, Aperiodic Behaviour from Forced Oscillators
Chaotic Economic Dynamics

Richard M. Goodwin

Oxford University Press

An overview of the mathematics of forced oscillators, particularly the van der Pol model is presented. Following this, Goodwin argues that such models are relevant to economics given that each part of the economy is subject to exogenous forces, from movements of world markets to the solar cycle. An exogenous cycle is imposed upon a Rössler model. This alters the phase portrait and corresponding time series. A significant increase in chaotic behaviour can result.

Keywords:   chaotic behaviour, exogenous forcing, forced oscillators, Rössler model, van der Pol model

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