Nonergodic Economic Growth
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Nonergodic Economic Growth
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Author : Steven N. Durlauf
language : en
Publisher:
Release Date : 1991
Nonergodic Economic Growth written by Steven N. Durlauf and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Economic development categories.
This paper explores the role of complementarities and coordination failure in economic growth. We analyze the evolution composed of a countable set of infinitely-lived heterogenous industries. Individual industries exhibit nonconvexities in production and are linked across time through localized technological complementarities. Each industry employs one of two production techniques. One technique is more efficient in using capital than the other, but requires the payment of a fixed capital cost. Both techniques exhibit technological complementarities in the sense that the productivity of capital invested in a technique is a function of the technique choices made by various industries the previous period. These complementarities, when strong enough, interact with incompleteness of markets to produce multiple Pareto-rankable equilibria in ling run economic activity. The equilibria have a simple probabilistic structure that demonstrates how localized coordination failures can affect the aggregate equilibrium. The model is capable of generating interesting aggregate dynamics as coordination problems become the source of aggregate volatility. Modifications of the model illustrate how leading sectors can cause a takeoff into high growth.
Understanding The Process Of Economic Change
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Author : Douglass C. North
language : en
Publisher: Princeton University Press
Release Date : 2010-05-09
Understanding The Process Of Economic Change written by Douglass C. North 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 2010-05-09 with Business & Economics categories.
In this landmark work, a Nobel Prize-winning economist develops a new way of understanding the process by which economies change. Douglass North inspired a revolution in economic history a generation ago by demonstrating that economic performance is determined largely by the kind and quality of institutions that support markets. As he showed in two now classic books that inspired the New Institutional Economics (today a subfield of economics), property rights and transaction costs are fundamental determinants. Here, North explains how different societies arrive at the institutional infrastructure that greatly determines their economic trajectories. North argues that economic change depends largely on "adaptive efficiency," a society's effectiveness in creating institutions that are productive, stable, fair, and broadly accepted--and, importantly, flexible enough to be changed or replaced in response to political and economic feedback. While adhering to his earlier definition of institutions as the formal and informal rules that constrain human economic behavior, he extends his analysis to explore the deeper determinants of how these rules evolve and how economies change. Drawing on recent work by psychologists, he identifies intentionality as the crucial variable and proceeds to demonstrate how intentionality emerges as the product of social learning and how it then shapes the economy's institutional foundations and thus its capacity to adapt to changing circumstances. Understanding the Process of Economic Change accounts not only for past institutional change but also for the diverse performance of present-day economies. This major work is therefore also an essential guide to improving the performance of developing countries.
Evolvodynamics The Mathematical Theory Of Economic Evolution
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Author : Len H Wallast
language : en
Publisher:
Release Date : 2013-03
Evolvodynamics The Mathematical Theory Of Economic Evolution written by Len H Wallast and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03 with categories.
Innovative and provocative. Economics brought back to its mathematical selective essence. Economic theory reduced to its nonergodic basis: differential set theory and probability theory. For those who seek inspiration.
Economic Growth And Development
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Author : Olivier La Grandville
language : en
Publisher: Emerald Group Publishing
Release Date : 2011-12-12
Economic Growth And Development written by Olivier La Grandville and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-12 with Business & Economics categories.
Since the very beginnings of economics as a science, which might be dated from Ibn Khaldun's "Introduction to History" (1377), the challenge of making societies escape from poverty and attain some degree of prosperity has always been, and can remain, a fundamental issue. This book presents research on each of these issues.
Handbook Of Economic Growth
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Author : Philippe Aghion
language : en
Publisher: Elsevier
Release Date : 2005-12-09
Handbook Of Economic Growth written by Philippe Aghion and has been published by Elsevier this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-09 with Business & Economics categories.
The Handbooks in Economics series continues to provide the various branches of economics with handbooks which are definitive reference sources, suitable for use by professional researchers, advanced graduate students, or by those seeking a teaching supplement.The Handbook of Economic Growth, edited by Philippe Aghion and Steven Durlauf, with an introduction by Robert Solow, features in-depth, authoritative survey articles by the leading economists working on growth theory.Volume 1A, the first in this two volume set, covers theories of economic growth, the empirics of economic growth, and growth policies and mechanisms.Volume 1B, the second in this two volume set, covers technology, trade and geography, and growth and socio-economic development.
Puzzles Of Economic Growth
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Author : Leszek Balcerowicz
language : en
Publisher: World Bank Publications
Release Date : 2014-12-03
Puzzles Of Economic Growth written by Leszek Balcerowicz and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-03 with Business & Economics categories.
By comparing countries like Venezuela and Chile, China and India, Dominican Republic and Haiti, and others, the book tries to answer the questions of which institutions and policies are crucial for stable long term economic growth.
Financial Markets Money And The Real World
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Author : Paul Davidson
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003-01-01
Financial Markets Money And The Real World written by Paul Davidson and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-01 with Business & Economics categories.
Financial Markets, Money and the Real World by Paul Davidson is an informed and informative study of why the 1990s experienced a series of financial crises with terrible repercussions that reverberated throughout the global market. Focusing on the central role that domestic and international financial markets play in affecting the economic growth rate, and offering prescriptions to improve worldwide economic viability in the 21st century, Financial Markets, Money and the Real World is highly practical, forward thinking, and strongly recommended reading for students of economics in general, and the interactive, interdependent global financial markets in particular. Library Bookwatch/Midwest Book Review In Financial Markets, Money and the Real World Professor Davidson lucidly and persuasively sums up his major insights into the working of non-ergodic (uncertain) economic systems. It is essential reading for those who wish to understand why financial markets have become so volatile and are puzzled to know what to do about it. It is refreshing to read an author who writes so much in the spirit of Keynes and who is able and willing to develop Keynes s ideas creatively and apply them imaginatively to the understanding and management of today s globalized economy. Lord Skidelsky, University of Warwick, UK This book should be a classic in economics. Paul Davidson combines dazzling clarity and a passion for economic truth and common sense in illuminating the dark thickets surrounding today s free enterprise system. Professional economists and concerned citizens should both pay heed to this fine book. Peter L. Bernstein, Peter L. Bernstein Inc., US Professor Paul Davidson has long been a major avenue to the economic reality and the controlling economic ideas, especially those that have come into professional discussion with and since John Maynard Keynes. This is a major contribution, deserving the close attention of economists and all who seek accomplished economic guidance. I strongly recommend it. John Kenneth Galbraith, Harvard University, US Throughout the long, dark years of laissez-faire triumphalism, Paul Davidson lovingly tended the eternal flame of Keynes and ensured that it never went out. There is no better qualified economist to explain as this book does why Keynes is still relevant to a world pock-marked with the financial crises, poverty and unemployment that have resulted from neglecting his profound insights. Larry Elliott, The Guardian Paul Davidson investigates why the 1990s was a decade of financial crises that almost precipitated a global market crash. He explores the reasons why the global economy still struggles with the aftermath of these crises and discusses the possibility that volatile financial markets in the future will have real impacts on whole industries and national economic systems. The author highlights the central role that domestic and international financial markets play in determining the economic growth rate, unemployment rate and international payments position of capitalist economies. He explains why the primary function of financial markets is to create liquidity and demonstrates that a liquid market cannot be efficient, and an efficient market cannot be liquid. He also proves that preventing liquidity problems from developing in national and international financial markets is the key element in fostering prosperity. Statistical evidence and theoretical analysis are combined to demonstrate why orthodox prescriptions for liberalizing labor, product, and capital markets are the wrong policies for promoting a civilized society in the 21st century. Professional economists, financial reporters, government policy makers, those working in international economic organizations such as the IMF, the World Bank and the WTO, and concerned citizens will all benefit greatly from reading this highly acclaimed book.
Economic Growth And Structural Features Of Transition
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Author : E. Marelli
language : en
Publisher: Springer
Release Date : 2010-01-20
Economic Growth And Structural Features Of Transition written by E. Marelli and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-20 with Business & Economics categories.
This book examines, theoretically and empirically, the key aspects and differences of economic growth. It provides a comprehensive investigation of the numerous features of development in transition countries, covering the last two decades, from the fall of the Berlin Wall in 1989 to the current financial crisis.
The Nature Of Economic Growth
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Author : A. P. Thirlwall
language : en
Publisher: Edward Elgar Publishing
Release Date : 2002
The Nature Of Economic Growth written by A. P. Thirlwall and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
Thirlwall's (economics, U. of Kent-Canterbury) study is based on his lecture series and classes for graduate economics students, but he says the material should be accessible to those with less background and interesting to those with more. He reviews the classical and neoclassical theories of economic growth, critiques the latter, and seeks to reinject demand back into growth theory as a driving force. Annotation copyrighted by Book News, Inc., Portland, OR
Human Capital And Economic Growth
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Author : Andreas Savvides
language : en
Publisher: Stanford University Press
Release Date : 2008-10-10
Human Capital And Economic Growth written by Andreas Savvides and has been published by Stanford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-10-10 with Business & Economics categories.
This book provides an in-depth investigation of the link between human capital and economic growth. The authors take an innovative approach, examining the determinants of economic growth through a historical overview of the concept of human capital. The text fosters a deep understanding of the connection between human capital and economic growth through the exploration of different theoretical approaches, a review of the literature, and the application of nonlinear estimation techniques to a comprehensive data set. The authors discuss nonparametric econometric techniques and their application to estimating nonlinearities—which has emerged as one of the most salient features of empirical work in modeling the human capital-growth relationship, and the process of economic growth in general. By delving into the topic from theoretical and empirical standpoints, this book offers an insightful new view that will be extremely useful for scholars, students, and policy makers.