Economic dynamics. Growth and development

MaRDI QIDQ1188740zbMATH OpenFDO

Authors Wei-Bin Zhang

Publication date 17 September 1992

Published in Lecture Notes in Economics and Mathematical Systems (Search for Journal in Brave)

zbMATH Keywords

bifurcationsdisequilibriumdynamic equilibriumeconomic cycleseconomic growthinstabilitymonetary dynamic phenomenaneoclassical economicsoscillationsstability

Mathematics Subject Classification ID

Research exposition (monographs, survey articles) pertaining to operations research and mathematical programming (90-02) Economic growth models (91B62) Macroeconomic theory (monetary models, models of taxation) (91B64) Multisectoral models in economics (91B66)

Review text

The book presents a new approach to economics within the framework of neoclassical economics and input-output analysis. The author analyses various real and monetary dynamic phenomena, such as dynamic equilibrium and disequilibrium, stability and instability, bifurcations and economic cycles. He also argues, that oscillations and structural changes are rather universal than rare in a progressive economy. From this point of view ``... no economic system can be stabilized forever if change is permitted. The description of economic growth as well as the proofs concerning the periodicity of bifurcating economic phenomena provide good and useful illustrations of the application of mathematics to economics.

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(19)

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• The impact of science on economic growth and its cycles. The mathematical dynamics determined by the basic macroeconomic facts
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• Stochastic dynamics of economic cycles
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• Technical progress and economic growth
• Theoretical reconciliation of equilibrium and structural approaches
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