The Impact of Science on Economic Growth and its Cycles
The Mathematical Dynamics Determined by the Basic Macroeconomic Facts
Published on 17. September 1998
Book
Paperback/Softback
IX, 204 pages
978-3-540-64727-0 (ISBN)
Description
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.
More details
Series
Edition
Softcover reprint of the original 1st ed. 1998
Language
English
Place of publication
Berlin
Germany
Publishing group
Springer Berlin
Target group
Professional and scholarly
Research
Illustrations
IX, 204 p.
Dimensions
Height: 235 mm
Width: 155 mm
Thickness: 13 mm
Weight
341 gr
ISBN-13
978-3-540-64727-0 (9783540647270)
DOI
10.1007/978-3-642-95861-8
Schweitzer Classification
Content
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.