Impact of Science on Economic Growth and its Cycles

The Mathematical Dynamics Determined by the Basic Macroeconomic Facts

AvArvid Aulin

Häftad, Engelska, 1998

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Beskrivning

The author shows that the enormous gap between theory and facts in modern macroeconomics can only be eliminated by nonlinear macroeconomic dynamics with the following special characteristics: First of all, only certain group-theoretical invariants generate the correct growth cycles with irregularly varying lengths, not any stochastic process as usually applied for this purpose. Furthermore, a special extended value function and generalized human capital are needed for a correct representation of scientific and technological innovation. Finally, the correct nonlinear macroeconomic dynamics are not reducible to microeconomics, for both of the above mentioned reasons.

Produktinformation

Utgivningsdatum:1998-09-17
Mått:155 x 235 x 13 mm
Vikt:341 g
Format:Häftad
Språk:Engelska
Serie:Lecture Notes in Economics and Mathematical Systems
Antal sidor:204
Förlag:Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
ISBN:9783540647270

Utforska kategorier

Ekonomisk politik inom Ekonomi och Ledarskap
Makroekonomi inom Ekonomi och Ledarskap

Innehållsförteckning

1. The Macroeconomic Problem.- 1.1. The Basic Macroeconomic Facts.- 1.2. This Theory Fits Well the Facts But Does It Fit the Current Dogmas?.- 1.3. Why This Dynamics Explains the Facts While the Current Dogmas Fail So Badly?.- Reason No.l: Generalized human capital.- Reason No.2: Generalized value function.- 1 The Fundamental Laws of Science-based Economic Growth.- 2. Canonical Formalism: Basics.- 3. The Canonical Formalism of Macroeconomics.- 2 Derivation of the 17 basic macroeconomic facts from the canonical formalism.- 4. The Principle of Economy in Scientific Explanation.- 5. Growth Paths Determined by Canonical Formalism.- 6. The Plosser Fact and Other Growth Effects of Savings Rate.- 7. The Kydland Facts on Leads and Lags in Business Cycles.- 8. Correlations and Variances over the Ordinary Business Cycles.- 9. Correlations over Anomalous Business Cycles.- 10. The Role of Stochastic Shocks in the Business Cycle.- Referred Literature.