Dealing with factors affecting economic growth in knowledge-based societies, the author shows that the interaction between material and nonmaterial values is the ultimate source of all economic growth. The model thus developed predicts the quantitative facts concerning business cycles better than the conventional real-cycle models, while also producing a new growth path whose existence is verified by empirical facts. The results provide strong evidence of the economic relevance of nonmaterial values, and also prompt a new view of the stochastic elements in the business cycles.
Dealing with factors affecting economic growth in knowledge-based societies, the author shows that the interaction between material and nonmaterial values is the ultimate source of all economic growth. The model thus developed predicts the quantitative facts concerning business cycles better than the conventional real-cycle models, while also producing a new growth path whose existence is verified by empirical facts. The results provide strong evidence of the economic relevance of nonmaterial values, and also prompt a new view of the stochastic elements in the business cycles.
1 An Introduction to Nonmaterial Values.- I. Knowledge as the Basic Nonmaterial Value of the Supply Side.- 1. Human Capital as Accumulated Exact Knowledge.- 2. The Formation of Exact Scientific Knowledge.- 1. The strategy of mathematical generalization.- 2. A short history of fundamental exact science.- 3. The unique properties of theoretical knowledge in exact sciences.- 3. Practical Sciences Applying Exact Science.- 1. Practicality as the original criterion of objectivity.- 2. Practical sciences today.- II. Nonmaterial Values of the Demand Side.- 4. The Human Need for Self-Expression.- 1. Subjective and objective knowledge.- 2. Commenting sciences.- 3. The pursuit of self-expression as the fundamental nonmaterial value of the demand side.- 5. The Historical Process from Philosophical Self-Expression to Exact Science.- 1. The linguistic method of classical Greek philosophy.- 2. The influence of the myth of the eternal return upon Greek philosophy.- 3. The first challengers of the "philosophical method".- 4. Newton's physics doomed "philosophically false".- 5. Newton's physics as "philosophically true" to Immanuel Kant.- 6. The triumph of exact science over the "philosophical method" since 19th century.- 7. What mean the terms 'supply side' and 'demand side' in connection of nonmaterial values?.- 2 The Interaction of Material and Nonmaterial Values as the Source of Economic Growth and Business Cycles.- III. A Necessary Extension of Economics.- 6. Facts.- 7. Conclusions.- 8. Is This Economics?.- IV. The Mathematical Tools.- 9. The Hamilton-Jacobi Theory.- 1. The Hamiltonian function.- 2. The Lagrangian function.- 3. The action principle.- 4. The Legendre function.- 5. Transversality conditions.- 6. The "principle of the largest action".- 10. The Maximization of Accumulated Utility.- 1. Canonical equations for discounted utilities.- 2. The Solow growth model revisited.- 3. The parameter conditions of transversality in the Solow model.- 4. The Arrow-Kurz generalization.- V. The Lucasian Mechanics of Economic Development and Its Extension to Nonmaterial Values.- 11. Growth Theory as Based on Rational Expectations.- 1. The reaction of the market to common knowledge.- 2. The market clearing.- 12. The Extension of Lucasian Mechanics to Nonmaterial Values.- 1. The first axiom of generalization.- 2. The fundamental equations.- 3. The second axiom of generalization.- 4. The derivation of a general solution algorithm.- 5. The natural boundary conditions.- 6. The Legendre condition.- 7. Transversality conditions.- VI. The Fundamental Dynamics of Economic Growth and the Business Cycles.- 13. The Basic Growth Paths.- 1. The balanced growth path: Growth Type 1.- 2. The path of logistically rising productivity of capital: Growth Type 2.- 3. Verification by the Solow (1957) material.- 14. The Basic Business Cycles.- 1. The state-plane and the cycle center.- 2. The decreasing relative size of the cycles.- 3. The existence of well-behaving general solutions.- 4. The invariance group and the time scale.- 5. The detrended cycle functions.- 6. The minimums and maximums of the cycle functions.- VII. The Basic Business Cycles as the Causal Part of the Business Cycles.- 15. The Predictive Power of the Basic Cycles Compared With That of the Stochastic Models: Ordinary Business Cycles.- 1. The linear approximation of the Basic Business Cycles.- 2. Comparisons with empirical correlations and variances.- 3. Comparisons with empirical autocorrelations.- 16. Conclusions and Challenges.- 1. The two levels of macroeconomic theory.- 2. Economic stability.- 3. Are real business cycle theories outdated?.- 17. The Dynamics of Anomalous Business Cycles and Their Quantitative Verification.- 1. Fundamental theory vs model construction in economics.- 2. The method of calculation.- 3. The fall in procyclicality of consumption and investment.- 4. The retained high procyclicality of employment.- 5. An appraisal of the results.- VIII. The Growth Effects of Nonmateria
1 An Introduction to Nonmaterial Values.- I. Knowledge as the Basic Nonmaterial Value of the Supply Side.- 1. Human Capital as Accumulated Exact Knowledge.- 2. The Formation of Exact Scientific Knowledge.- 1. The strategy of mathematical generalization.- 2. A short history of fundamental exact science.- 3. The unique properties of theoretical knowledge in exact sciences.- 3. Practical Sciences Applying Exact Science.- 1. Practicality as the original criterion of objectivity.- 2. Practical sciences today.- II. Nonmaterial Values of the Demand Side.- 4. The Human Need for Self-Expression.- 1. Subjective and objective knowledge.- 2. Commenting sciences.- 3. The pursuit of self-expression as the fundamental nonmaterial value of the demand side.- 5. The Historical Process from Philosophical Self-Expression to Exact Science.- 1. The linguistic method of classical Greek philosophy.- 2. The influence of the myth of the eternal return upon Greek philosophy.- 3. The first challengers of the "philosophical method".- 4. Newton's physics doomed "philosophically false".- 5. Newton's physics as "philosophically true" to Immanuel Kant.- 6. The triumph of exact science over the "philosophical method" since 19th century.- 7. What mean the terms 'supply side' and 'demand side' in connection of nonmaterial values?.- 2 The Interaction of Material and Nonmaterial Values as the Source of Economic Growth and Business Cycles.- III. A Necessary Extension of Economics.- 6. Facts.- 7. Conclusions.- 8. Is This Economics?.- IV. The Mathematical Tools.- 9. The Hamilton-Jacobi Theory.- 1. The Hamiltonian function.- 2. The Lagrangian function.- 3. The action principle.- 4. The Legendre function.- 5. Transversality conditions.- 6. The "principle of the largest action".- 10. The Maximization of Accumulated Utility.- 1. Canonical equations for discounted utilities.- 2. The Solow growth model revisited.- 3. The parameter conditions of transversality in the Solow model.- 4. The Arrow-Kurz generalization.- V. The Lucasian Mechanics of Economic Development and Its Extension to Nonmaterial Values.- 11. Growth Theory as Based on Rational Expectations.- 1. The reaction of the market to common knowledge.- 2. The market clearing.- 12. The Extension of Lucasian Mechanics to Nonmaterial Values.- 1. The first axiom of generalization.- 2. The fundamental equations.- 3. The second axiom of generalization.- 4. The derivation of a general solution algorithm.- 5. The natural boundary conditions.- 6. The Legendre condition.- 7. Transversality conditions.- VI. The Fundamental Dynamics of Economic Growth and the Business Cycles.- 13. The Basic Growth Paths.- 1. The balanced growth path: Growth Type 1.- 2. The path of logistically rising productivity of capital: Growth Type 2.- 3. Verification by the Solow (1957) material.- 14. The Basic Business Cycles.- 1. The state-plane and the cycle center.- 2. The decreasing relative size of the cycles.- 3. The existence of well-behaving general solutions.- 4. The invariance group and the time scale.- 5. The detrended cycle functions.- 6. The minimums and maximums of the cycle functions.- VII. The Basic Business Cycles as the Causal Part of the Business Cycles.- 15. The Predictive Power of the Basic Cycles Compared With That of the Stochastic Models: Ordinary Business Cycles.- 1. The linear approximation of the Basic Business Cycles.- 2. Comparisons with empirical correlations and variances.- 3. Comparisons with empirical autocorrelations.- 16. Conclusions and Challenges.- 1. The two levels of macroeconomic theory.- 2. Economic stability.- 3. Are real business cycle theories outdated?.- 17. The Dynamics of Anomalous Business Cycles and Their Quantitative Verification.- 1. Fundamental theory vs model construction in economics.- 2. The method of calculation.- 3. The fall in procyclicality of consumption and investment.- 4. The retained high procyclicality of employment.- 5. An appraisal of the results.- VIII. The Growth Effects of Nonmateria
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