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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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An Analysis of High and Low Growth Rates †

An Analysis of High and Low Growth Rates †

(p.72) 6 An Analysis of High and Low Growth Rates
Chaotic Economic Dynamics

Richard M. Goodwin

Oxford University Press

Considers aspects of high, medium, and low growth, seeking to explain differences in cross‐country growth. The model from the previous chapter is employed as a base but the innovation rate is now exogenous. Output growth is decomposed into innovative capacity growth and population growth. The economy does not approach the steady state path smoothly but fluctuates around it. The growth rate of output in the model is determined by the share of innovational investment. The Rössler model is used to treat endogenous fluctuations. The chapter concludes by noting that with zero output growth, working hours could fall at the rate of productivity growth.

Keywords:   capacity growth, cross‐country growth, developing countries, fluctuations, innovation, investment, population growth, productivity growth, Rössler model, working hours

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