Description
Richard Goodwin was a pioneer in the use of mathematical tools to understand the dynamics of capitalist economies. This book contains contributions which focus on the rigorous extension of Goodwin’s modelling of macro-dynamics and the micro-structures underlying them, and also research with a wider perspective related to Goodwin’s vision of an integrated Marx-Keynes-Schumpeter (M-K-S) system of the dynamics of capitalist economies.
The variety of approaches in this book range from detailed business cycle analyses to Schumpeterian processes of creative destruction. They include
- thorough theoretical analysis of delayed dynamical systems.
- empirical studies of Goodwin’s classical growth cycle model and the integration of Keynesian aspects of effective demand and of financial mechanisms that impact the real macro-economy.
- micro-economic structural analysis.
- expectations driven aspects of micro-founded business cycle modelling
Table of Contents
Introduction, Part 1. Nonlinear Macrodynamics: Theory, 1. Coexistence of Multiple Business Cycles in Goodwin's 1951 Model, 2. An Encompassing Theory of Macroeconomic Growth and Fluctuation, 3. Kaleckian Investment and Employment Cycles in Post-war Industrialized Economies, 4. A Goodwin-Cycle with Changing Regimes of Industrial Relations, 5. Varieties of Capitalism: The Flexicurity Model, 6. Goodwin Cycles and the U.S. Economy, 1948-2004, Part 2. Nonlinear Macrodynamics: Empirical Analysis, 7. The Classical Growth Cycle after fifteen years of new observations, 8. Debt-Equity Cycles in the 20th Century: Empirical Evidence and a Dynamic Keynesian Model, 9. Monetary Policy Rules in Small Open Economies: A Keynesian Perspective, 10. Semi-Structural Keynes-Goodwin Modelling: Elaboration and Calibration of a Baseline Theoretical Framework, Part 3. Multisectoral and Microfounded Approaches, 11. Decomposition Methods for Analyzing Intra-regional and Inter-regional Income Distribution, 12. Computational Explorations of Vertically Coupled Markets, 13. Microfounded Animal Spirits and Goodwinian Income Distribution Dynamics, 14. Goodwin's Structural Economic Dynamics in the Context of Globalisation
