Development: Multiple Attractors

Tönu Puu
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Tönu Puu: Umeå University, Centre for Regional Science

Chapter 13 in Attractors, Bifurcations, & Chaos, 2003, pp 503-527 from Springer

Abstract: Abstract Most existent dynamic macroeconomic models share two features which may be strongly objected on grounds of realism: They produce exponential growth, beyond any bound, and they possess unique paths of development. Moreover, these paths are often unstable, so called knife edge balanced growth routes, a limitation clearly admitted by the originator Sir Roy Harrod in 1948, but forgotten by later growth theorists. This is just a modelling imperfection — a misspecification of the process due to choosing a too low order for it — which we will not further elaborate on in the present context.

Keywords: Saddle Point; Unstable Equilibrium; Basin Boundary; Multiple Attractor; Unstable Steady State (search for similar items in EconPapers)
Date: 2003
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DOI: 10.1007/978-3-540-24699-2_13

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