Qualitative analysis of the Goodwin model of the growth cycle

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26510%2F17%3APU132807" target="_blank" >RIV/00216305:26510/17:PU132807 - isvavai.cz</a>

Result on the web

<a href="https://www.upo.es/revistas/index.php/RevMetCuant/article/view/2694" target="_blank" >https://www.upo.es/revistas/index.php/RevMetCuant/article/view/2694</a>

DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Qualitative analysis of the Goodwin model of the growth cycle

Original language description

Goodwin's model is a set of ordinary differential equations and is a wellknown model of the growth cycle. However, its four constants require an extensive numerical study of its two differential equations to identify all possible unsteady state behaviors, i.e. phase portraits, which corresponds to infinitely many combinations of numerical values of the constants. Qualitative interpretation of Goodwin's model solves these problems by replacing all numerical constants and all derivatives by trends (increasing, constant and decreasing). The model has two variables - the employment rate V, and the labour share U. A solution of the qualitative Goodwin's model is a scenario. An example of a Goodwin's scenario is - V is increasing more and more rapidly, U is decreasing and the decrease is slowing down. The complete set of all possible 41 Goodwin's scenarios and 168 time transitions among them are given. This result qualitatively represents all possible unsteady state Goodwin's behaviours. It is therefore possible to predict all possible future behaviours if a current behaviour is known/chosen. A prediction example is presented in details. No prior knowledge of qualitative model theory is required.

Czech name

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Czech description

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Type

J_SC - Article in a specialist periodical, which is included in the SCOPUS database

CEP classification

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OECD FORD branch

50202 - Applied Economics, Econometrics

Project

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Continuities

S - Specificky vyzkum na vysokych skolach

Publication year

2017

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Revista de Metodos Cuantitativos para la Economia y la Empresa

ISSN

1886-516X

e-ISSN

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Volume of the periodical

neuveden

Issue of the periodical within the volume

23

Country of publishing house

ES - SPAIN

Number of pages

11

Pages from-to

223-233

UT code for WoS article

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EID of the result in the Scopus database

2-s2.0-85021742327