Prof. YEUNG Wing Kay, DavidDavidProf. YEUNG Wing Kay2021-03-062021-03-061993Journal of Economic Integration, Spring 1993, vol. 8(1), pp. 89-99.1225-651X1976-5525http://hdl.handle.net/20.500.11861/6514In this paper, a stochastic framework is developed to study the effects of randomly migrating population. The analysis borrows a number of intrinsic characteristics from the classic Goodwin model. While Goodwin formalizes his model as a Lotka Volterra system, the present study converges into a stochastic version of the Lotka-Volterra system. In particular, it is shown that randomly migrating population has a depressing effect on wage share. The employment ratio, on the other hand, exhibits the natural rate property.enPeer Reviewed Journal Article