Intensive quantities in an economy and conjugate variables (Q382366)

From MaRDI portal
scientific article
Language Label Description Also known as
English
Intensive quantities in an economy and conjugate variables
scientific article

    Statements

    Intensive quantities in an economy and conjugate variables (English)
    0 references
    18 November 2013
    0 references
    Using the simplest economic planning problem as an example, the author shows that the intensive variables (such as prices, interest or exchange rate; compare with goods, resources and money which are extensive variables) arise naturally as conjugate variables to balance constraints, under the decomposition of the planning problem into the problem of the dynamical equilibrium of an economy.
    0 references
    0 references
    0 references
    0 references
    0 references
    Ramsey problem
    0 references
    economic dynamics
    0 references
    optimization
    0 references
    0 references
    0 references