[OPE-L:5334] Re: Ernst on RRI

Duncan K. Foley (dkf2@columbia.edu)
Sun, 13 Jul 1997 20:51:24 -0700 (PDT)

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>Duncan wrote in [OPE-L:5312]:
>> (an idea
>> that a lot of other people have spent time on before and after Marx,
>> including Leontief, Schumpeter, Samuelson, and Goodwin.) The problem is
>> that in a growing economy these echo effects will become relatively smaller
>> and smaller over time.
>Would Goodwin agree that "the echo effects will become relatively smaller
>and smaller over time"? That doesn't sound very "chaotic" to me.
>I'm not sure that Schumpeter would agree either.

I didn't say that was the _only_ business cycle mechanism Goodwin et al
looked at. Goodwin's attempts to formalize Schumpterian cycles involves
amplifying effects of investment cycles through technical change.


Duncan K. Foley
Department of Economics
Barnard College
New York, NY 10027
fax: (212)-854-8947
e-mail: dkf2@columbia.edu