| has gloss | eng: The Goodwin model, sometimes called Goodwin’s class struggle model, is a model of endogenous economic fluctuations first proposed by the American economist Richard Goodwin in 1967. It combines aspects of the Harrod–Domar growth model with the Phillips curve to generate endogenous cycles in economic activity (output, unemployment, wages) unlike most modern macroeconomic models in which movements in economic aggregates are driven by exogenously assumed shocks. Since Goodwin’s publication in 1967 the model has been extended and applied in various ways. |
