Event overview
Economics Seminar with Dr Nikolaos Chatzarakis
Join us for the Economics seminar with Nikolaos Chatzarakis, Assistant Professor of Economics at the New School for Social Research in New York City, USA.
Date and time: Wednesday 29th October at 5-6pm in room DTH G16 (ground floor of the Deptford Town Hall Building).
Title: Long and Short Cycles in a Goodwin-Marx-Kalecki-Schumpeter Model
Abstract:
In his seminal model, Goodwin (1967) described the interaction between growth, employment and income distribution. His model served as the cornerstone of many models of business cycles, within the premises of the (post-)Keynesian, Kaleckian, Minskyan, Schumpeterian or Marxian school of thought, as well as the basis for the empirical tests on cyclical fluctuations; and it is, on many accounts, either despite or because of its simplicity, the most foundational model for modern macroeconomics. It is important to note that
the original model was meant to describe the `decennial cycles' noted by Ricardo and Marx in the context of the reserve army of labour; however, its structure was used to capture all types of cross-dual dynamical interactions in developed capitalist economies (e.g., the relation between the capacity utilization and the profit share). Yet, some empirical evidence reveal cycles of multiple frequencies, including medium- to long-run patterns compatible with the idea of Kuznets swings and Kondratieff cycles (e.g. Bernard et al. 2014; Charpe et al. 2018). In the present paper, we attempt to continue the investigations set out by Goodwin (1990) himself, Flaschel (2008) and others, on the one hand, in incorporating elements of Marxian, Keynesian/Kaleckian and Schumpeterian discourse in a single model (for which the original Goodwin model serves as a prototype) and, on the other hand, in addressing the issue of multiple time-scales, utilizing the proposal by Jacobo (2023). The method is based on the co-existence of two subsystems, which operate in different time-scales and follows the methodology outlined by Kevorkian and Cole (1996). We shall deal with two different models, both of which are based on an extension of Goodwin's baseline model with the Kalecki-Kaldor interaction of investment and savings as the short-run mechanism; the first incorporates a Marx-Schumpeter mechanism of technological and institutional change, while the second will consider the possibility of a Minsky instability hypothesis. In both cases, the possibility of short- and long-run limit cycles will be examined.
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The event is sponsored by the Structural Economic Analysis Research Unit at Goldsmiths, University of London, and the Association for Heterodox Economics.
This is an in-person event. No need to register.
We will head to a local pub for drinks and dinner after the seminar.
Click here to see the venue on Google Maps.
Dates & times
| Date | Time | Add to calendar |
|---|---|---|
| 29 Oct 2025 | 5:00pm - 6:00pm |
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