Classical Dynamics: The Corn Economy
Classical Dynamics: The Corn Economy
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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