Work
Goodwin worked on the interaction between long run growth and business cycles. His article on "matrix multiplier" was one of the earliest uses of the Perron–Frobenius theorem in economics, although his reasoning had an error that was diagnosed by Frank H. Hahn. He returned to the Perron–Frobenius theorem with his book on The dynamics of a capitalist economy.
Goodwin adopted the Lotka–Volterra equations for the population dynamics of a predator and prey species as a persistent model of economic growth, called the "Goodwin model" (or "Goodwin's Class-Struggle Model"). In his model, employed workers have the role of predators, as their wage demands squeeze profits and hence investment, leading to an increase in unemployment. Another model, "Goodwin's Non-Linear Accelerator", is also a model of endogenous cycles in economic activity; the cycles do not rely on outside shocks or structurally unstable parameters. "A Growth Cycle" (1967) saw Goodwin utilise Volterra's equations to formalise Marx's theory of economic cycles.
Read more about this topic: Richard M. Goodwin
Famous quotes containing the word work:
“Now you grab me by the ankles.
Now you work your way up the legs
and come to pierce me at my hunger mark.”
—Anne Sexton (1928–1974)
“But he had gone his way, the grass all mown,
And I must be, as he had been,—alone,
‘As all must be,’ I said within my heart,
‘Whether they work together or apart.’”
—Robert Frost (1874–1963)
“Do not put off your work until tomorrow and the day after. For the sluggish worker does not fill his barn, nor the one who puts off his work; industry aids work, but the man who puts off work always wrestles with disaster.”
—Hesiod (c. 8th century B.C.)