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:
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As did that wild Tristram know
When, the potion’s work being done,
Roe could run or doe could leap
Under oak and beechen bough,
Roe could leap or doe could run....”
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“It seemed pathetic and terrible to me and it still does, that men and women work eight hours a day at jobs that bring them no joy, no reward save a few dollars.”
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