This paper aims to build a nonlinear dynamic model of economic growth using system dynamics. The model in this study is an application of Goodwin’s model in 1990, but the level dimension of the model in 1990 is transformed into a the-rate-of-change dimension in this study. The model is constructed using system dynamics elements: the stock-flow structures, multiple feedback mechanisms, and time delays. The model successfully implemented the reconstruction of persistent and unpredictable movements of variables on the dimension of the rate of change. This study suggests another perspective regarding the concept of equilibrium besides the traditional point of view that mainly described in the comparative statics. Complex movements of the variables can be generated in a simple deterministic system. Therefore, the stability of a model has to be discussed based on a whole system, which can be evaluated only in the interrelationship of multiple feedback loops with time delays.