Please use this identifier to cite or link to this item: http://hdl.handle.net/1822/6845

TitleA note on the stability properties of goodwin's predator-prey model
Author(s)Conraria, Luís Aguiar
KeywordsBusiness cycles
Nonlinear dynamics
Distributive conflict
Goodwin
Marxian Economics
Issue date17-Aug-2007
PublisherUniversidade do Minho. Núcleo de Investigação em Políticas Económicas (NIPE)
Series/Report no.NIPE Working Paper series; 5
Abstract(s)Goodwin's Predator-Prey model is structurally unstable. In its pure form, the model has an equilibrium that is neither stable nor unstable. Ploeg showed that relaxing the hypothesis of fixed proportion technology would stabilize the equilibrium. On the other hand, Goodwin showed that the equilibrium becomes unstable when endogenous productivity growth is considered. This paper studies the consequences of considering both effects, and concludes that the stabilizing effect of a flexible technology is much stronger than the destabilizing effect of endogenizing labor productivity.
TypeWorking paper
URIhttp://hdl.handle.net/1822/6845
Peer-Reviewedno
AccessOpen access
Appears in Collections:NIPE - Documentos de Trabalho

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