Arvid Aulin

The Impact of Science on Economic Growth and its Cycles

The Mathematical Dynamics Determined by the Basic Macroeconomic Facts

• Broschiertes Buch

Produktbeschreibung

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.

Produktdetails

• Lecture Notes in Economics and Mathematical Systems 464
• Verlag: Springer / Springer Berlin Heidelberg / Springer, Berlin
• Artikelnr. des Verlages: 978-3-540-64727-0
• 1998.
• Seitenzahl: 220
• Erscheinungstermin: 17. September 1998
• Englisch
• Abmessung: 235mm x 155mm x 13mm
• Gewicht: 318g
• ISBN-13: 9783540647270
• ISBN-10: 3540647279
• Artikelnr.: 09197056

Inhaltsangabe

1. The Macroeconomic Problem.- 1.1. The Basic Macroeconomic Facts.- 1.2. This Theory Fits Well the Facts But Does It Fit the Current Dogmas?.- 1.3. Why This Dynamics Explains the Facts While the Current Dogmas Fail So Badly?.- Reason No.l: Generalized human capital.- Reason No.2: Generalized value function.- 1 The Fundamental Laws of Science-based Economic Growth.- 2. Canonical Formalism: Basics.- 3. The Canonical Formalism of Macroeconomics.- 2 Derivation of the 17 basic macroeconomic facts from the canonical formalism.- 4. The Principle of Economy in Scientific Explanation.- 5. Growth Paths Determined by Canonical Formalism.- 6. The Plosser Fact and Other Growth Effects of Savings Rate.- 7. The Kydland Facts on Leads and Lags in Business Cycles.- 8. Correlations and Variances over the Ordinary Business Cycles.- 9. Correlations over Anomalous Business Cycles.- 10. The Role of Stochastic Shocks in the Business Cycle.- Referred Literature.