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TitleA note on the stability properties of Goodwin's predator-prey model
Author(s)Conraria, Luís Aguiar
KeywordsBusiness cycles
Nonlinear dynamics
Distributive conflict
Business cycle
Marxian economics
Issue date2008
PublisherSAGE Publications
JournalReview of Radical Political Economics
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.
AccessOpen access
Appears in Collections:NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica

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