Foundations of Economic Development
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Beschreibung
DYNAMIC ECONOMICS with increasing returns is extended to
cope with economic growth, the business cycles and the
irregular swings in the long-term development as different
aspects of the same dynamical system, the economic system
"as a whole".
HUMAN CAPITAL emerges as the seminal concept: economic
growth is in this dynamics causally reduced to the growth of
human capital and thus to the growth of exact scientific
knowledge. An analysis of this knowledge shows that quality
education in hard sciences must be a prime target of future
economic policies.
A CAUSAL STRUCTURE, new in economics, underlies the extended
dynamics. To enable students to study and to improve it, a
detailled introduction to nonlinear causality is given,
emphasizing the points relevant to this causal structure.
NATIONAL ACCOUNTING and input-output dynamics are suggested
to be extended to include also the production prices and
production of human capital and of human time, by using a
method of calculation indicated in detail in the book.
The subject of this book is an extension of dynamic economics with increasing returns, in search of a post-socialist political economy. The method of strictly causal analysis based on dynamical systems makes it possible to represent different aspects of economic behaviour in a single dynamical system.
Autor*in
Arvid Aulin
Themen in »Foundations of Economic Development«
Dynamic Economics Input-Output Dynamics Input-Output-Rechnung Wachstumstheorie business cycle dynamical systems economic theory economics growth theory mathematical analysis