Economic system dynamics

McCauley, Joseph L. and Küffner, Cornelia M. (2004): Economic system dynamics. Published in: Discrete Dynamics in Nature and Society , Vol. 1, (2004): pp. 213-220.

Abstract

We provide the reader with a qualitative summary of the main ideas from econophysics and finance theory, starting with a thorough criticism of the standard ideas taught in typical economics textbooks. The emphasis is on the Galilean or physicists' approach to market synamics, as opposed to the standard nonempirical postulatory one.

• Item Type: MPRA Paper
• Additional Information: Invited paper honoring I. Prigogine.
• Institution: University of Houston
• Language: English
• Keywords: Utility; equilibrium; supply and demand curves; business cycles; market dynamics
• Subjects: D - Microeconomics > D5 - General Equilibrium and Disequilibrium; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology; A - General Economics and Teaching > A2 - Economics Education and Teaching of Economics

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