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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.
| Autorius: | Arvid Aulin |
| Serija: | Lecture Notes in Economics and Mathematical Systems |
| Leidėjas: | Springer Berlin Heidelberg |
| Išleidimo metai: | 1998 |
| Knygos puslapių skaičius: | 220 |
| ISBN-10: | 3540647279 |
| ISBN-13: | 9783540647270 |
| Formatas: | 235 x 155 x 13 mm. Knyga minkštu viršeliu |
| Kalba: | Anglų |
Parašykite atsiliepimą apie „The Impact of Science on Economic Growth and its Cycles: The Mathematical Dynamics Determined by the Basic Macroeconomic Facts“
