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Complex Dynamics in Control Models with Bounds: A Review

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Prices, Growth and Cycles

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Abstract

The present paper deals with one of Bródy’s major topics: the question of growth cycles. Since he discovered cycles in the Hungarian economy (Bródy, 1969), he has used several models to describe them. Bródy (1992; original draft, 1972) was the first model which applied Frisch’s (1993) simplified idea to the modelling of socialist investment cycles which was one of the building block of Bauer’s (1978) theory. In 1973 he used a variant of Kornai and Martos’s (1973) stock-signal control model (Bródy, 1981). Bródy (1983) returned to Bauer’s theory and successfully popularized it. In Bródy and Farkas (1987) and Bródy (1989), Goodwin’s (1967) ideas on Lotka and Volterra’s cycles were developed. The reader will also meet his ideas in this paper but in modified forms.

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Authors
  1. András Simonovits
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Editors and Affiliations

  1. Institute of Economics, Hungarian Academy of Sciences, Budapest, Hungary

    András Simonovits (Professor of Economics) (Professor of Economics)

  2. University of Twente, Enschede, The Netherlands

    Albert E. Steenge (Professor of Economics) (Professor of Economics)

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© 1997 András Simonovits and Albert E. Steenge

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Simonovits, A. (1997). Complex Dynamics in Control Models with Bounds: A Review. In: Simonovits, A., Steenge, A.E. (eds) Prices, Growth and Cycles. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-25275-6_10

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