Kontrolle von Chaos am Beispiel des Kaldor-Modells / Controlling Chaos in the Kaldor Modell

Heilig Stephan () and Schöbel Rainer ()
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Heilig Stephan: Universität Tübingen, Wirtschaftswissenschaftliches Seminar, Sigwartstraße 18, D-72076 Tübingen, Germany
Schöbel Rainer: Universität Tübingen, Wirtschaftswissenschaftliches Seminar, Sigwartstraße 18, D-72076 Tübingen, Germany

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 1999, vol. 219, issue 5-6, 657-672

Abstract: Using Kaldor’s business cycle model we show how a chaotic system with limited resources can be controlled in the general case where the equilibrium which we want to stabilize is not a saddle point. This problem has considerable economic relevance because it cannot be assumed that equilibria can always be characterized by a saddle point.We choose the volume of public investment as the control variable. It turns out that particular properties of chaotic systems can be applied advantageously to control the economy. These systems therefore inhibit more flexibility than traditional non chaotic models.

Keywords: Controlling chaos; Kaldor Model; Keynesian stabilization policy.; Chaoskontrolle; Kaldor-Modell; Keynesianische Konjunkturpolitik.; Controlling chaos; Kaldor Model; Keynesian stabilization policy. (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:219:y:1999:i:5-6:p:657-672:n:1009

DOI: 10.1515/jbnst-1999-5-624

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