Abstract
In 1967, R. Goodwin put forth a mathematical model1 aimed at capturing the fluctuating dynamics of the fundamental macroeconomic variables of a capitalistic system. From an economic point of view, the cycle is the natural effect of the intrinsic contradictions of capitalism2, from a mathematical point of view, it is a property of the well-known Lotka-Volterra differential equations3. This model has brought about many theoretical contributions4 and some empirical applications5.
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Balducci, R., Candela, G., Ricci, G. (1984). A Generalization of R. Goodwin Model with Rational Behavior of Economic Agents. In: Goodwin, R.M., Krüger, M., Vercelli, A. (eds) Nonlinear Models of Fluctuating Growth. Lecture Notes in Economics and Mathematical Systems, vol 228. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45572-8_4
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DOI: https://doi.org/10.1007/978-3-642-45572-8_4
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