The Visible Hand: Synergetic Microfoundation of Macroeconomic Dynamics by Reiner

Description: The Visible Hand by Reiner B. Koblo The arising new business cycle theory can on the one side be validated by empirical evidence and on the other hand the typical behavior of nonlinear dynamic systems including the transition to deterministic chaos can be clearly demonstrated. FORMAT Paperback LANGUAGE English CONDITION Brand New Publisher Description With the help of synergetics this study presents a consistent formal derivation of the dynamics of a macroeconomic system as the effect of the decision behaviour of the microeconomic agents. A special issue is the economic interpretation of the synergetic modelling of the microlevel and its relation to other economic research on microfoundations of macoreconomics, for example, the New Classical and the New Keynesian approach. The transformation of a well-known macroeconomic business cycle model into a micro-based synergetic model offers an example of how the method can be applied to economic problems. It can be shown that the transformed model generates new, interesting features such as inherent and asymmetric cycles, a high stability to exogenous shocks and even so-called "deterministic chaos". Beside these new features, the main structure of the basic model in terms of the casuality of the relevant parameters remains unchanged. Thus, the investigation gives the researcher an example of a method that makes it possible to "test" the macoeconomic effects of different behaviour assumptions of the economic agents on the macrolevel in a dynamic context.The work ends with an interpretation of macroeconomic data for Germany in the last 30 years that traces it back to changes in the behaviour of the economic agents. Notes Springer Book Archives Table of Contents I. Introduction.- 1. Temporary Equilibrium Theory.- 2. Evolutionary Economics.- 3. Synergetics as a Dynamic Decision Theory.- II. Application of Synergetics in Business Cycle Theory.- 1. Basic Linear Model.- 2. A Synergetic Model of Demand for Investment.- 3. Producers Decision on the Output Level.- 4. Consumers Decision.- III. Empirical Evidence.- 1. Goals and Methods.- 2. Empirical Test of the Model with Macrodata.- 3. Empirical Test of the Model with Microdata.- 4. Remarks.- IV. Conclusion.- References.- Index of Figures and Tables. Promotional Springer Book Archives Long Description In the last decade highly innovatory developments have taken place in theoretical economics. The new focus of interest seems to be twofold: Firstly, nonlinear models for dynamic processes of the economy are constructed to extend the scope of linear models for tlle stationary euqilibrium state; and secondly a new approach is made to solve the everlasting problem of the relation between micro-and macro-economics. The interdisciplinary field of synergetics is deeply involved in this evolution. The author has made a remarkable contribution to both foci: His application of synergetic concepts to the theory of business cycles combines a partial solution of the micro-macro-problem, namely the modelling of the macro-economic effect of the decisions of investors, producers and consumers, with the natural introduction of nonlinearities. The arising new business cycle theory can on the one side be validated by empirical evidence and on the other hand the typical behavior of nonlinear dynamic systems including the transition to deterministic chaos can be clearly demonstrated. The hope is justified that the model presented in this book is a fw Details ISBN3540545956 Author Reiner B. Koblo Publisher Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Year 1991 ISBN-10 3540545956 ISBN-13 9783540545958 Format Paperback Imprint Springer-Verlag Berlin and Heidelberg GmbH & Co. K Subtitle Synergetic Microfoundation of Macroeconomic Dynamics Place of Publication Berlin Country of Publication Germany DEWEY 339.3015118 Publication Date 1991-11-13 Language English Media Book Series Number 369 Short Title VISIBLE HAND SOFTCOVER REPRINT Series Lecture Notes in Economics and Mathematical Systems Pages 131 DOI 10.1007/978-3-642-46753-0 Edition Description Softcover reprint of the original 1st ed. 1991 Audience Professional & Vocational Illustrations VIII, 131 p. We've got this At The Nile, if you're looking for it, we've got it. With fast shipping, low prices, friendly service and well over a million items - you're bound to find what you want, at a price you'll love! TheNile_Item_ID:96316909;

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