Dynamical Coupling with Especial Reference to Markets Having Production Lags

R. M. Goodwin

Chapter 3 in Essays in Economic Dynamics, 1982, pp 40-65 from Palgrave Macmillan

Abstract: Abstract There is widespread agreement that it is necessary to introduce into economics both dynamical relations and general interdependence. This is not a counsel of perfection or a manifestation of the desire for theoretical elegance and completeness. The most concrete, practical analysis is often vitiated by restrictive assumptions which ignore or ‘eliminate’ the elements of change and of interconnectedness. When two sectors of an economy are interdependent in some way (coupled, we may say), and when we have another than the null or trivial solution of no change, then it is quite inadmissible to discuss the one sector assuming the other unchanged. For, if the one does not remain constant, the other cannot either, by virtue of the coupling. Therefore to allow one sector to vary and keep the other constant would be to hold contradictory assumptions.

Keywords: Demand Curve; Dynamical Coupling; Economic Dynamics; Supply Curve; Dynamical Matrix (search for similar items in EconPapers)
Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-05504-3_3

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DOI: 10.1007/978-1-349-05504-3_3

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