Optimal control theory is a technique being used increasingly by academic economists to study problems involving optimal decisions in a multi-period framework. This textbook is designed to make the difficult subject of optimal control theory easily accessible to economists while at the same time maintaining rigour. Economic intuitions are ...
This text provides an introduction to the modern theory of economic dynamics, with emphasis on mathematical and computational techniques for modeling dynamic systems. Written to be both rigorous and engaging, the book shows how sound understanding of the underlying theory leads to effective algorithms for solving real world problems. The material ...
This book discusses the nature and process of change in human society over the past 2 million years. The author draws on economic, historical and biological concepts to examine the driving forces of change and looks to likely developments in the future.
An analysis of dynamic modelling which aims to demonstrate how it is used to analyze the effects of policy on economic growth and performance. Chapters cover traditional macrodynamics, rational expectations, intertemporal optimization and continuous-time stochastic models.
Capital theory and dynamics are cornerstones for almost every branch of economics. Except in a fictional world where the economies of yesterday, today, and tomorrow are identical, issues of capital formation and dynamic behaviour must always arise. Although the specialist literature is technically demanding, Professor Burmeister shows that its ...
This presentation of advanced macroeconomics emphasizes the dynamic behaviour of the economy. Developed capitalist economies are characterized by large stocks of durable goods and the intertemporal nature of economic decisions that these involve. Such intertemporal decisions based on expectations about an uncertain future are the main sources of ...
Schumpeter first put forward the premise that the incessant turbulence of an economy in motion, carrying out new combinations of products, production methods with new technologies and the opening of new markets, is capable of explaining patterns of economic growth and change. Focusing on US industrialized urban areas, this volume tests this theory ...
Every day, in every sector of our economy, a business shuts down while another starts up, jobs are created while others are cut, and workers are hired while others are laid off. This constant flux, or turbulence, is a defining characteristic of our free market system, yet it mostly inspires angst about unemployment, loss of earnings, and the ...
This important book presents a theory of general equilibrium and was the first to present in condensed form the construction of the two-sector model, its applications to the theory of distribution and public finance for income redistribution, and its conversion into a growth model. It assembles a body of analysis that was previously available only ...
This is the substantially revised and restructured second edition of Ron Shone's successful advanced textbook Economic Dynamics. The book provides detailed coverage of dynamics and phase diagrams, including: quantitative and qualitative dynamic systems, continuous and discrete dynamics, linear and non-linear systems and single equation and systems ...
This book is a tool for the theoretical and numerical investigation of nonlinear dynamical systems modelled by means of ordinary differential and difference equations. The work is divided into two parts: a book, comprising a theoretical overview of the subject matter and a number of applications; and an integrated software program. Although the ...
The first part of this book is an introduction to mathematical methods in modern nonlinear dynamics and deals with differential equations, both ordinary and partial, further with discrete maps, and with catastrophe theory. Phenomena such as bifurcations and deterministic chaos are given considerable emphasis, both in the methodological part, and ...
This volume is concerned with macroeconomic dynamics, and looks at the economy as a whole. Topics include business cycles, economic growth, economic development, and dynamical economic science and policy. It concludes with reflections on the implications of complex dynamics.
This book gathers a collection of English language essays by Jesus Huerta de Soto over the past ten years, examining the dynamic processes of social cooperation which characterize the market, with particular emphasis on the role of both entrepreneurship and institutions. The author's multidisciplinary approach to the subject is in keeping with a ...
Chaos theory has touched on such fields as biology, cognitive science, and physics. By providing a unified explanation of statistical methods that are useful for testing for chaos in data sets, the authors show how the principles of chaos theory can be applied to such areas of economics and finance as the changing structure of stock returns and ...
How do human beings develop and function in relation to the human and natural world? The science of dynamic systems focuses on connections and relationships between people rather than on individual actions alone. This collection of engaging, non-technical essays, written by dynamic systems scientists in psychology, biology, anthropology, education ...
This book provides a thorough introduction to dynamics, and to phase diagrams and their economic application. From the mathematical point of view it covers both quantitative and qualitative dynamic systems; continuous and discrete dynamics; linear and non-linear systems and single equations and systems of equations. It illustrates dynamic systems ...
The theme of the book is economic dynamics. It is now widely known that nonlinear dynamic modeling raises some vital and fascinating issues for economists. These include multiple equilibria, statistical inference, stability, robustness, chaos and undecidability. Many economists still find the nonlinear dynamic economy such a weird and distressing ...
Economic behaviour is inherently dynamic. While things change continuously over time, much of economic analysis is based on discrete time, such as a month, quarter or a year reflecting the periodic nature of data-collecting and decision-making. The book introduces and develops the techniques of discrete time modelling starting with first order ...
The author of this text was one of the first economists to recognize the importance of complex dynamics, or chaos theory, in economics and to systematically explore whether a mathematical existence of such behavior could be established in standard models of economic theory. In these two volumes he shows that, far from being a passing fancy in ...
Economic dynamic theory includes dynamic games, dynamic general equilibrium theory, and empirical studies. The following topics are subsumed: business cycles, asset pricing, search models, intergenerational issues, fertility, financial systems. This book presents the latest research from around the globe.
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