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The Impact of Science on Economic Growth and its Cycles: The Mathematical Dynamics Determined by the Basic Macroeconomic Facts
Arvid Aulin
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Description for The Impact of Science on Economic Growth and its Cycles: The Mathematical Dynamics Determined by the Basic Macroeconomic Facts
paperback. This work shows that the gap between theory and facts in modern macroeconomics can only be elimated by nonlinear macroeconomic dynamics with certain following characteristics. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 213 pages, biography. BIC Classification: KCB; KCP. Category: (P) Professional & Vocational. Dimension: 234 x 156 x 11. Weight in Grams: 340.
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.
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.
Product Details
Format
Paperback
Publication date
1998
Publisher
Springer Germany
Number of pages
213
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
204
Place of Publication
Berlin, Germany
ISBN
9783540647270
SKU
V9783540647270
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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