Giancarlo Gandolfo

The Lotka-Volterra Equations in Economics: An Italian Precursor

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The introduction into economics of the Lotka-Volterra prey-predator equations to model cyclical phenomena is commonly attributed to Richard Goodwin (1965). In this note we show that the Italian economist Giuseppe Palomba had used these equations much earlier (1939), and point out his surprisingly modern conclusions and suggestions for future work.

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