Table of contents

1. Abstract
2. Technologies
3. Setup
4. Contributers
5. Acknowledgements

Abstract

In every economy there exist many factors impacting long-term equilibria, some of which have been accounted for by various models. Here, we examine the differences between the Goodwin and Goodwin-Keen economic models which seek to explain economic dynamics. To do so, we present long-term equilibria and conduct a brief sensitivity study. The results illustrate that the Goodwin model presents only one realistic equilibrium, that the Goodwin-Keen model’s non-trivial solution is an extreme economic scenario, and that the long-term economic equilibria are impacted by the initial state variable conditions. These findings motivate the pursuit of a deeper understanding of economic dynamics, as it paves the way for better predictions of economic events.

Technologies

Project was created with:

• Python version: 3.8

Setup

Virtual Environment

It is a best practice to run program files in a virtual environment as it allows the program to run with it's own separate dependencies.

To initialize a virtual environment use the command:

cd path_to_project/
python -m venv .venv

To activate the environment:

Mac/Linux:

source my_env/bin/activate

Windows:

.\venv\Scripts\activate

To verify that your virtual environment is activated, your command line should look like the following.

(.venv) C:\Users\name\Desktop\Repos\math3mb3>

Then, to install the required dependices, run the following command.

pip install -r requirements.txt

To deactivate simply use the command:

deactivate

Docker

Alternatively Docker can be used to build this project.

docker build -t goodwin_keen .
docker run -it --rm goodwin_keen

Contributers

This project was in collaboration with:

• Athur d'Art
• Romi Lifshitz
• Sara Saad
• Grant Forsythe
• Gheeda Mourtada
• Jacob Keffer

Acknowledgements

We would like to thank:

• Nik Počuča
• Daniel Presta