Downloadable! This paper extends the two-dimensional Goodwin model of distributive cycles by incorporating endogenous technical change, inspired on some insights originally formulated by Marx. We introduce a three-dimensional dynamical system, expanding the model to include wage share, employment rate, and capital-output ratio as state variables.
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This paper extends the Goodwin model of distributive cycles by incorporating the simultaneous endogeneity of technical change and labor supply within a classical-Marxian framework.
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Goodwin's predator-prey model of economic growth and perpetual class struggle is extended to allow for (i) differential savings, (ii) the effects of productivity upon the real wage …
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This paper extends the two-dimensional Goodwin model of distributive cycles by incorporating endogenous technical change, inspired on some insights originally formulated by Marx. We …
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Ben has a wide range of experience in the hospitality industry. Before joining Goodwin, his career included 10-plus years in Beverage Operations and 7 years in Beverage Sales Consulting. Ben has an AS in Culinary Arts from Sullivan University and a BS in Criminal Justice from theUniversity of Louisville.
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briefly reviews the Goodwin model with general capital accumulation rate formulated by Grasselli and Maheshwari (2018), which serves as a baseline. Section 3 presents the extended version …
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This paper extended the Goodwin model to explore the simultaneous endogeneity of technical change (labor productivity and mechanization) and labor supply within a classical-Marxian framework. Drawing from Marxian insights, the paper reinterpreted the induced innovation hypothesis, suggesting that firms optimize mechanization to maximize cost ...
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Abstract: This paper extends the Goodwin model of distributive cycles by incorporating the simultaneous endogeneity of technical change and labor supply within a classical-Marxian …
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Extended Goodwin model integrates endogenous technological change and labor supply. Reinterpretation of induced innovation in terms of mechanization. Application of 3D-Hopf bifurcation theorem reveals limit cycle dynamics.
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proven the existence of limit cycles in three-dimensional extensions of the Goodwin (1967) model by using the Hopf bifurcation theorem, by considering the capital-output ratio as an …
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