Business Cycles: Theories, Evidence and Analysis by Niels Thygesen, Kumaraswamy Velupillai, Stefano Zambelli

By Niels Thygesen, Kumaraswamy Velupillai, Stefano Zambelli

The recent classical revolution turns out to have remodeled macroeconomics into the speculation of monetary fluctuations. it really is, in a feeling, a go back to the origins of macroeconomics as a self-discipline as shaped by way of Hayek, Keynes and Lindahl. however the scope has shifted within the intervening 5 many years and extra. it truly is this new scope - and the hot instruments that forge its growth - which are surveyed and analysed during this quantity.

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The mathematical formalisation of electrical circuits in terms of linear (differential or difference) equations cannot account for the functioning of such a triode oscillator - except by fluke. 3. Rayleigh found, by the addition of non-linear expressions to the linear equations of a circuit containing a triode, that maintained oscillation was feasible. 4. The physical realisation of the non-linear element(s) leads to a new mathematical formalisation. 5. The analysis of this mathematical formalism (of a physically realised circuit) uncover deep mathematical ideas cloaked in physical terms.

The dynamics in most of the chaos-inspired literature can be formulated, in terms of symbolic dynamics, as words from an alphabet to which a group theoretic formalism can be given. 2. The complex dynamics will then be equivalent to word problems for Post systems- or in Automata language, to the halting problem for Turing Machines. 3. If these authors are serious about rational economic agents being behind the decision algorithms - the dynamical systems - then the whole enterprise is very peculiar for the following reason: (a) either the agents- rational economic man- compute foreover; (b) or they halt the computation suboptimally.

B. (1988) Non-linear and Non-stationary Time Series Analysis London: Academic Press. Schumpeter, J. A. (1939) Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process (New York: McGraw Hill). Tingsten, H. (1937) Political Behaviour: Studies in Election Statistics (London: P. S. King & Son). Velupillai, K. (1990) 'The (Non-linear) Life and (Economic) Times of Richard M. Goodwin', inK. ) Non-linear and Multisectoral Macrodynamics: Essays in Honour of Richard Goodwin (London: Macmillan).

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