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Casual and Stochastic Elements in Business Cycles
Arvid Aulin
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Description for Casual and Stochastic Elements in Business Cycles
Paperback. A mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development is shown, in this work, to improve essentially the prediction of business cycle data, when compared with the conventional real business cycle models. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 127 pages, biography. BIC Classification: KCB; KCC; KCJ. Category: (P) Professional & Vocational. Dimension: 234 x 156 x 7. Weight in Grams: 218.
1. Facts: A leisure term with an unbounded value function, when added to utility in the Lucas (1988) 'mechanics of economic development', expands enormously the range of data covered by the theory. To explain this we have to ask two questions. First: why leisure would be so much desired? Perhaps because leisure is one's own time and such a leisure term means an unbounded value of individual freedom. But why leisure is economically productive, as implied by the results obtained in this study? Perhaps because cognitive innovations often occur during the time which in economics is registered as leisure? Then ... Read more
1. Facts: A leisure term with an unbounded value function, when added to utility in the Lucas (1988) 'mechanics of economic development', expands enormously the range of data covered by the theory. To explain this we have to ask two questions. First: why leisure would be so much desired? Perhaps because leisure is one's own time and such a leisure term means an unbounded value of individual freedom. But why leisure is economically productive, as implied by the results obtained in this study? Perhaps because cognitive innovations often occur during the time which in economics is registered as leisure? Then ... Read more
Product Details
Format
Paperback
Publication date
1996
Publisher
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Germany
Number of pages
127
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
116
Place of Publication
Berlin, Germany
ISBN
9783540605935
SKU
V9783540605935
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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