The Impact of Science on Economic Growth and its Cycles

Name: The Impact of Science on Economic Growth and its Cycles
Author: Arvid Aulin

The Mathematical Dynamics Determined by the Basic Macroeconomic Facts

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Paperback, 204 blz. | Engels

Springer Berlin Heidelberg | 0e druk, 1998

ISBN13: 9783540647270

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Springer Berlin Heidelberg 0e druk, 1998 9783540647270

Onderdeel van serie Lecture Notes in Economics and Mathematical Systems

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Samenvatting

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.

Specificaties

ISBN13:9783540647270

Taal:Engels

Bindwijze:paperback

Aantal pagina's:204

Uitgever:Springer Berlin Heidelberg

Druk:0

Hoofdrubriek:Economie

Serie:Lecture Notes in Economics and Mathematical Systems

Inhoudsopgave

The Macroeconomic Problem.- The Fundamental Laws of Science-Based Economic Growth: Canonical Formalism: Basics.- The Canonical Formalism of Macroeconomics.- Derivation of the 17 Basic Macroeconomic Facts from the Canonical Formalism: The Principle of Economy in Scientific Explanation.- Growth Paths Determined by Canonical Formalism.- The Plosser Fact and Other Growth Effects of Savings Rate.- The Kydland Facts on Leads and Lags in Business Cycles.- Correlations and Variations over the Ordinary Business Cycles.- Correlations over Anomalous Business Cycles.- The Role of Stochastic Shocks in the Business Cycle.-