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:
“At each minute we are crushed by the idea and the feeling of time. And there are only two ways to escape this nightmare, Mto forget it: pleasure and work. Pleasure wears us out. Work fortifies us. Let’s choose.”
—Charles Baudelaire (1821–1867)
“All in all, the creative act is not performed by the artist alone; the spectator brings the work in contact with the external world by deciphering and interpreting its inner qualifications and thus adds his contribution to the creative act. This becomes even more obvious when posterity gives its final verdict and sometimes rehabilitates forgotten artists.”
—Marcel Duchamp (1887–1968)
“Oh sure, everyone goes back to the earth at some point, but life itself is a thread that is never broken, never lost. Do you know why? Because each man makes a knot in the thread during his lifetime: it is the work he has done and that’s what gives life to life in the long stretch of time: the usefulness of man on this earth.”
—Jacques Roumain (1907–1945)