Inflation and Labour Capital Distribution: the Viable Compromises Cover Image

Инфлация и разпределение на трудовия капитал: жизнеспособните компромиси
Inflation and Labour Capital Distribution: the Viable Compromises

Author(s): Hélène CLÉMENT-PITIOT, Patrick SAINT-PIERRE
Subject(s): Economy
Published by: Стопанска академия »Д. А. Ценов«
Keywords: Goodwin model; viability kernel; regulation policy; viability of evolutions; budgetary and monetary regulation tools

Summary/Abstract: Our contribution aims to revisit the well known Goodwin’s model in macroeconomicsby the light of set-valued analysis taking into account state and regulationconstraints in a viability program. The model of Goodwin (1967) deals with dynamic interactionsbetween employment and salary levels. It provides endogenous explanationsof cyclical trends in dynamical economy. Viability methods enable investigating modelproperties and revealing appropriate regulation allowing the evolution to ffiulll some pre -scribed qualitative objective. Then, applying computational methods derived from theViability Kernel Algorithm, one can stretch the traditional Goodwin model analysis up tothe institutional framework of the economy including monetary and budgetary aspects ofthe regulation policy from the public authorities, namely the state government, the centralbank and eventually the rivalry between the two boards thanks to dynamical games.

  • Issue Year: 4/2014
  • Issue No: 1-ENG
  • Page Range: 115-136
  • Page Count: 22
  • Language: Bulgarian