The business cycle model with a unique stable limit cycle
Article Abstract:
A mathematical foundation was provided for the academic community's traditional belief that Richard M. Goodwin's nonlinear business cycle model developed in 1951 possesses a unique stable limit cycle. The model has a unique stable limit cycle in an economically significant region despite the investment function's asymmetric nonlinearity. Emanating from any starting point in the region, solution paths gravitate toward the limit cycle without exiting the region or reaching the upper and lower limits of investment during a transition period.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Approaches to economic equilibrium
Article Abstract:
Mechanisms that help to explain how and why equilibrium is eventually achievable in many economic scenarios, including competitive markets and several noncooperative games. The main goal is an adaptive process that shows a repeated adjustment of individual strategies and leads to equilibrium under conditions of monotonicity. Results show that in the long run, individual optimality and system equilibrium are obtainable.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Overview - small business optimism. Small Business Economic Trends
- Abstracts: Religion and modernization in Europe. Religious institutions and the economics of religion
- Abstracts: The 1997 election: can an improving economy secure a fifth Tory term. Prudence and pragmatism in the fiscal stance
- Abstracts: The competence-based approach: Veblenian ideas in the modern theory of the firm. A realistic appraisal of post-Keynesian pricing theory
- Abstracts: 21st century Model T. Dairy magazine gives truck to lucky reader