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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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The von Neumann Model as a Chaotic Attractor

The von Neumann Model as a Chaotic Attractor

Chapter:
(p.30) 3 The von Neumann Model as a Chaotic Attractor
Source:
Chaotic Economic Dynamics
Author(s):

Richard M. Goodwin

Publisher:
Oxford University Press
DOI:10.1093/0198283350.003.0003

Teases out parallels in the thinking of von Neumann and Marx. Goodwin presents a simplified version of the von Neumann model removing the assumption of infinite labour supply. The resulting non‐linear difference system shows endogenously erratic behaviour with cyclical output growth. In the long run, this system ceases to oscillate and another model is proposed to circumvent this problem. For low parameter values, the model has a fixed point; for moderate values, it has a limit cycle; and for higher values, a chaotic attractor is observed.

Keywords:   chaotic attractor, economic growth, endogeneity, labour supply, Marx, non‐linear dynamical model, von Neumann model

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