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Chaotic Economic Dynamics
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Chaotic Economic Dynamics

Richard M. Goodwin

Abstract

This collection of short essays provides an application of chaotic dynamics to economic systems. Each chapter presents several economic models incorporating differential (or difference) equations such as the Rössler equations, which exhibit a chaotic attractor. Combining the insights of Schumpeter, Marx, and Keynes, the models endogenously generate irregular, wavelike growth. Goodwin therefore argues that the apparent unpredictability of economic systems is due to deterministic chaos as much as to exogeneous shocks. The book is aimed primarily at economists interested in theories of economic g ... More

Keywords: chaos theory, chaotic attractor, deterministic chaos, differential equations, economic dynamics, economic growth, exogeneity, Keynes, Rössler equations, Schumpeter

Bibliographic Information

Print publication date: 1990 Print ISBN-13: 9780198283355
Published to Oxford Scholarship Online: November 2003 DOI:10.1093/0198283350.001.0001

Authors

Affiliations are at time of print publication.

Richard M. Goodwin, author
University of Siena