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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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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 October 2021

Classical Dynamics: The Corn Economy

Classical Dynamics: The Corn Economy

(p.22) 2 Classical Dynamics: The Corn Economy
Chaotic Economic Dynamics

Richard M. Goodwin

Oxford University Press

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

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