In line with a previous research (Ryzhenhov 1993), a Goodwin-like model of fluctuating growth is represented by a three-dimensional competitive-co-operative system of non-linear ordinary differential equations. In particular, a labour income share enhances a rate of growth of a capital-output ratio. This ratio, in its turn, adversely affects the rate of growth of employment ratio. Under an appropriate constellation of coefficients and control parameters, this model is capable of generating long waves modelled by converging fluctuations in the vicinity of the dynamic equilibrium (steady-state growth path) or by closed orbits in the phase space. The analytical and experimental results seem to provide a new base for the conclusion that no intrinsic (exogenous) clustering of innovations is necessary to produce long period fluctuations of economic activity as the flow of invention and innovation is contingent upon the rate of capital accumulation. It is shown that the model is consistent with the Kaldor prominent stylised facts and the Valtukh information value hypothesis.

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Date created

• 1995

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• Document

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12420ec6bd5f758d2b4dea59aabd75a9

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23d738ba88f8333bc39725f9cb5bd0b8

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b83f2ce2912343b559f967dd985da515

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Collection

System Dynamic Society Records

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• This collection is part of the University Archives