Abstract
We consider a modified version of Goodwin's celebrated non-linear model of fluctuating growth, where the incomeY is a quadratic function of the capital stockk, in order to take into account the possibility of increasing or decreasing returns. The dynamics of the model is then defined by a non-autonomous system of two differential equations. Assuming the labour supply,N, and the productivity,a, to be constant in the time, the model becomes autonomous and can be embedded in a stable family of planar dynamical systems whose flows and bifurcations are globally described
Riassunto
Si considera una versione modificata del modello di crescita non-lineare di Goodwin, in cui il reddito,Y, è una funzione quadratica dello stock di capitale,k, così da permettere la possibilità di rendimenti crescenti o decrescenti. La dinamica del modello viene allora rappresentata da un sistema non autonomo di due equazioni differenziali. Con l'ipotesi che l'offerta di lavoro,N, e la produttività,a, siano costanti nel tempo, il modello diventa autonomo e può essere immerso in una famiglia stabile di sistemi dinamici piani, di cui vengono descritti i flussi globali e le biforcazioni.
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This paper relates to the activities of the M.P.I. Group “Dinamiche Non-Lineari nelle Scienze Economiche e Sociali”.
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Galeotti, M., Gori, F. Global dynamics in models of fluctuating growth Part I: Two dimensional systems. Rivista di Matematica per le Scienze Economiche e Sociali 13, 111–131 (1990). https://doi.org/10.1007/BF02085373
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DOI: https://doi.org/10.1007/BF02085373