Cycles And Chaos In Economic Equilibrium
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Cycles And Chaos In Economic Equilibrium
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Author : Jess Benhabib
language : en
Publisher: Princeton University Press
Release Date : 2021-02-09
Cycles And Chaos In Economic Equilibrium written by Jess Benhabib and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-09 with Business & Economics categories.
In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be used to detect nonlinearities and cyclic and chaotic structures in economic models? In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory. Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting. The contributors to the volume are William J. Baumol, Jess Benhabib, Michele Boldrin, William A. Brock, Richard H. Day, Raymond J. Deneckere, Allan Drazen, Jean-Michel Grandmont, Kenneth L. Judd, Bruno Jullien, Guy Laroque, Blake LeBaron, Bruce McNevin, Luigi Montrucchio, Salih Nefti, Kazuo Nishimura, James B. Ramsey, Pietro Reichlin, Philip Rothman, Chera L. Sayers, Jos A. Scheinkman, Wayne Shafer, William Whitesell, Edward N. Wolff, and Michael Woodford.
Cycles And Chaos In Economic Equilibrium
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Author : Jess Benhabib
language : en
Publisher:
Release Date : 1992
Cycles And Chaos In Economic Equilibrium written by Jess Benhabib and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Business & Economics categories.
In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be used to detect nonlinearities and cyclic and chaotic structures in economic models? In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory. Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting. The contributors to the volume are William J. Baumol, Jess Benhabib, Michele Boldrin, William A. Brock, Richard H. Day, Raymond J. Deneckere, Allan Drazen, Jean-Michel Grandmont, Kenneth L. Judd, Bruno Jullien, Guy Laroque, Blake LeBaron, Bruce McNevin, Luigi Montrucchio, Salih Nefti, Kazuo Nishimura, James B. Ramsey, Pietro Reichlin, Philip Rothman, Chera L. Sayers, Jos A. Scheinkman, Wayne Shafer, William Whitesell, Edward N. Wolff, and Michael Woodford.
Nonlinear Dynamics In Equilibrium Models
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Author : John Stachurski
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-01-25
Nonlinear Dynamics In Equilibrium Models written by John Stachurski and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-25 with Business & Economics categories.
Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals. Chapter “Introduction” is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.
From Catastrophe To Chaos A General Theory Of Economic Discontinuities
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Author : J. Barkley Rosser
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14
From Catastrophe To Chaos A General Theory Of Economic Discontinuities written by J. Barkley Rosser and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-14 with Business & Economics categories.
From Catastrophe to Chaos: A General Theory of Economic Discontinuities presents and unusual perspective on economics and economic analysis. Current economic theory largely depends upon assuming that the world is fundamentally continuous. However, an increasing amount of economic research has been done using approaches that allow for discontinuities such as catastrophe theory, chaos theory, synergetics, and fractal geometry. The spread of such approaches across a variety of disciplines of thought has constituted a virtual intellectual revolution in recent years. This book reviews the applications of these approaches in various subdisciplines of economics and draws upon past economic thinkers to develop an integrated view of economics as a whole from the perspective of inherent discontinuity.
Chaos Management And Economics
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Author : David Parker
language : en
Publisher: Hobart Papers (Paperback)
Release Date : 1994
Chaos Management And Economics written by David Parker and has been published by Hobart Papers (Paperback) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.
First published in 1994, this title was the best-selling IEA publication of the 1990s. It applies the ideas of 'chaos theory', more usually found in the natural sciences, to economic and social systems, with some profound implications for the management of business and the economy. The authors suggest that a chaotic world is more complex than can be captured by the linear equations generally used by economic modellers and the assumptions of neo-classical economics, and in some ways bears a striking resemblance to the views taken by the Austrian School. This title provides a concise and straightforward introduction to the application of Chaos Theory to the social sciences, which as its authors say, 'provides a new and exciting departure point for the study of organisations and economies'.
Economic Complexity And Equilibrium Illusion
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Author : Ping Chen
language : en
Publisher: Routledge
Release Date : 2010-04-05
Economic Complexity And Equilibrium Illusion written by Ping Chen and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-05 with Business & Economics categories.
The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations. Economic growth is limited by market extent and ecological constraints. The trade-off between stability and complexity is the foundation of cultural diversity and mixed economies. The new science of complexity sheds light on the sources of economic instability and complexity. This book consists of the major work of Professor Ping Chen, a pioneer in studying economic chaos and economic complexity. They are selected from works completed since 1987, including original research on the evolutionary dynamics of the division of labour, empirical and theoretical studies of economic chaos and stochastic models of collective behavior. Offering a new perspective on market instability and the changing world order, the basic pillars in equilibrium economics are challenged by solid evidence of economic complexity and time asymmetry, including Friedman’s theory of exogenous money and efficient market, the Frisch model of noise-driven cycles, the Lucas model of microfoundations and rational expectations, the Black-Scholes model of option pricing, and the Coase theory of transaction costs. Throughout, a general theory based on complex evolutionary economics is developed, which integrates different insights from Marx, Marshall, Schumpeter, Keynes and offers a new understanding of the evolutionary history of division of labour. This book will be of interest to postgraduates and researchers in Economics, including macroeconomics, financial economics, advanced econometrics and economic methodology.
General Equilibrium
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Author : W. D. A. Bryant
language : en
Publisher: World Scientific
Release Date : 2010
General Equilibrium written by W. D. A. Bryant and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.
General Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: OCyDoes the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence OCo and if so, how is that achieved?OCO This is always an apt question, but particularly so given the OCyGlobal Financial CrisisOCO that emerged from the operation of market economies in the Americas and Europe in mid to late 2008. The answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood OCo neither by proponents of, or antagonists to, the OCyfree market positionOCO. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on OCymarket forcesOCO to manage complex socio-economic systems. Sample Chapter(s). Chapter 1: General Equilibrium Theory: An Overview (138 KB). Contents: General Equilibrium Theory: An Overview; Existence of Equilibrium: Sufficient Conditions; Existence of Equilibrium: Necessary Conditions; Equilibrium and Irreducibility: Some Empirical Evidence; Existence of Equilibrium Under Alternative Income Conditions; Existence of Walrasian Equilibrium in Some NonOCoArrow-Debreu Environments; Uniqueness of Equilibrium; Stability of Equilibrium; Optimality of Equilibrium; Comparative Statics of Equilibrium States; Empirical Evidence on General Equilibrium; General Equilibrium Theory in Retrospect. Readership: Advanced undergraduates and graduate students in economics; economists interested in economic theory."
Complexity In Economics Cutting Edge Research
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Author : Marisa Faggini
language : en
Publisher: Springer
Release Date : 2014-06-26
Complexity In Economics Cutting Edge Research written by Marisa Faggini and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-26 with Business & Economics categories.
In this book, leading experts discuss innovative components of complexity theory and chaos theory in economics. The underlying perspective is that investigations of economic phenomena should view these phenomena not as deterministic, predictable and mechanistic but rather as process dependent, organic and always evolving. The aim is to highlight the exciting potential of this approach in economics and its ability to overcome the limitations of past research and offer important new insights. The book offers a stimulating mix of theory, examples and policy. By casting light on a variety of topics in the field, it will provide an ideal platform for researchers wishing to deepen their understanding and identify areas for further investigation.
Nonlinearities In Economics
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Author : Giuseppe Orlando
language : en
Publisher: Springer Nature
Release Date : 2021-08-31
Nonlinearities In Economics written by Giuseppe Orlando and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-31 with Business & Economics categories.
This interdisciplinary book argues that the economy has an underlying non-linear structure and that business cycles are endogenous, which allows a greater explanatory power with respect to the traditional assumption that dynamics are stochastic and shocks are exogenous. The first part of this work is formal-methodological and provides the mathematical background needed for the remainder, while the second part presents the view that signal processing involves construction and deconstruction of information and that the efficacy of this process can be measured. The third part focuses on economics and provides the related background and literature on economic dynamics and the fourth part is devoted to new perspectives in understanding nonlinearities in economic dynamics: growth and cycles. By pursuing this approach, the book seeks to (1) determine whether, and if so where, common features exist, (2) discover some hidden features of economic dynamics, and (3) highlight specific indicators of structural changes in time series. Accordingly, it is a must read for everyone interested in a better understanding of economic dynamics, business cycles, econometrics and complex systems, as well as non-linear dynamics and chaos theory.
Chaotic Economic Dynamics
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Author : Richard M. Goodwin
language : en
Publisher: Oxford University Press
Release Date : 1990-11
Chaotic Economic Dynamics written by Richard M. Goodwin and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-11 with Business & Economics categories.
The new science of chaos came about through weather analysis. Starting from the premise that economics is equally unpredictable, this original new book explores the ways that chaos theory may be used for economic analysis. The author shows that, since chaos theory sets out to demonstrate erratic and unpredictable behavior in a situation of total cause and effect, it has much to offer in understanding human society and the unpredictable nature of economics. It has always been assumed that the highly irregular behavior of economic time series was the consequence of extra-economic disturbances such as political decisions, trade unions, the weather, foreign trade, etc. Goodwin makes it clear that there are not one, but two explanations of this confusing behavior.