The Impact of Science on Economic Growth and its Cycles

The Mathematical Dynamics Determined by the Basic Macroeconomic Facts
1. Auflage 1998
ISBN: 978-3-540-64727-0
Verlag: Springer

Buch, Englisch, Band 464, 204 Seiten, Format (B × H): 155 mm x 235 mm, Gewicht: 341 g

Reihe: Lecture Notes in Economics and Mathematical Systems

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.

Zielgruppe

Research

Autoren/Hrsg.

Aulin, Arvid

Inhaltsverzeichnis

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.