Radzicki, Michael J. - In: Feedback economics : economic modeling with system dynamics, (pp. 467-493). 2021
unstable golden age growth path. If an external shock knocks Harrod’s model economy off this path it never returns, hence the …-edge. He argued instead that the system's inherent instability leads to the trade cycle, which is an oscillation around the … cause of the trade cycle. The purpose of this chapter is to explore the implications of adding an empirically grounded …