Chapter
Richard Goodwin's Predator-Prey Model
2:41:04 - 2:45:35 (04:30)
In this episode, the speaker discusses Richard Goodwin's Predator-Prey Model, which explains the relationship between profit rates and business cycles, resulting in booms and slumps.
Clips
The guest discusses the mathematical model of capitalism created by economist Richard Goodwin, which builds upon a verbal model of a cyclical system outlined by Karl Marx in "Capital".
2:41:04 - 2:43:25 (02:20)
Capitalism
Summary
The guest discusses the mathematical model of capitalism created by economist Richard Goodwin, which builds upon a verbal model of a cyclical system outlined by Karl Marx in "Capital".
ChapterRichard Goodwin's Predator-Prey Model
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The Goodwin model explains economic boom and slump cycles stating that capitalists invest more than their profits during a boom and less than their profits during a slump.
2:43:25 - 2:45:35 (02:09)
Economics
Summary
The Goodwin model explains economic boom and slump cycles stating that capitalists invest more than their profits during a boom and less than their profits during a slump. John Blatt's book, Dynamic Economic Systems provides an easy-to-understand explanation of Goodwin's model.