Richard Murphey Goodwin (1913–1996)

Chapter

Abstract

Richard Goodwin was the pioneering endogenous, non-linear theorist of macrodynamic fluctuations, once referred to as trade cycle theory but now known as business cycle theory. His theoretical and policy frameworks spanned optimal growth planning, stabilization policy, iterative dynamics, coupled dynamics, capital theory, and, above all, innovative teaching. He worked on synthesizing the imaginative insights of Schumpeter on innovations, Keynes on the multiplier, Harrod on the accelerator, Leontief on an applicable model of Walrasian interdependence, and Sraffa on capital theory. His non-linear mathematics owed a great deal to Philip Le Corbeiller’s personal teaching and the development of classical theory of non-linear differential equations. His important discovery of a one-sided oscillator which does not depend on the cubic characteristic was made in the context of reviewing Hicks’s theory of the trade cycle. In this chapter, these elements are made to tell the story of Goodwin’s wonderful contributions to economics.

Keywords

Non-linear dynamics Endogenous macrodynamics One-sided oscillator Optimal planning Stabilization policy Iterative dynamics Coupled dynamics 

References

Cited Works by Richard Goodwin

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Copyright information

© The Author(s) 2017

Authors and Affiliations

  1. 1.Formerly Professore di Chiara FamaUniversity of TrentoTrentoItaly
  2. 2.Formerly Professor of EconomicsNew School for Social ResearchNew YorkUSA

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