Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/315835 
Year of Publication: 
2021
Citation: 
[Journal:] Economic Thought [ISSN:] 2049-3509 [Volume:] 10 [Issue:] 1 [Year:] 2021 [Pages:] 32-45
Publisher: 
World Economics Association, Bristol
Abstract: 
In this paper, we look for the relevance of chaos in the well-known Hicks-Samuelson's oscillator model investigating the endogenous fluctuations of the national income between two limits: full employment income and under-employment income. We compute the Lyapunov exponent, via Monte-Carlo simulations, to detect chaos in the evolution of the income between both limits. In the case of positive Lyapunov exponent and large values of the parameter (i.e. marginal propensity to consume and technical coefficient for capital), the evolution of income is seen to be chaotic. The model also may contain a quasi-periodic attractor that can be chaotic or not.
Subjects: 
chaos
attractor
oscillator
post-Keynesian
business fluctuations
JEL: 
C62
E12
E20
E32
Creative Commons License: 
cc-by-nc Logo
Document Type: 
Article

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