Structural Economic Dynamics: Catching-Up and the Global Deflationary Bias

Michael Landesmann, Richard M. Goodwin and Robert Stehrer

Chapter 9 in Prices, Growth and Cycles, 1997, pp 161-183 from Palgrave Macmillan

Abstract: Abstract András Bródy has had, just as one of the co-authors of this paper (Richard Goodwin), a life-long interest in the relationship between dynamics and structure. Formally, it is difficult to bring these two elements together since sensible dynamic economic models should be non-linearly specified, but models which introduce many dimensions (to represent ‘structure’) are not well understood analytically if they contain non-linearities. Nonetheless, both Bródy and Goodwin have always pointed out that to study dynamics in capitalist economies as well as in formerly planned economies properly, structure and structural change cannot be abstracted from; furthermore, they were keenly aware of the importance of using the advances made in nonlinear dynamics for modern business cycle analysis (for examples in Bródy’s work of both concerns see Bródy, 1983, 1989, 1990, 1992). Bridging the gap between the detailed analysis of changing structure and macrodynamics remains a challenge to the students of both Bródy and Goodwin.

Keywords: Productivity Growth; Wage Rate; Structural Adjustment; Mature Economy; Investment Expenditure (search for similar items in EconPapers)
Date: 1997
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DOI: 10.1007/978-1-349-25275-6_9

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