Summary:
Economists have done dynamics very badly, from the bastardisation of the original Harrod unstable growth model by Hicks, through to today’s DSGE models which pretend that a saddle node equilibrium can be an attractor. This lecture uses basic mathematical techniques to show that “multiplier-accelerator trade cycle models” aren’t models at all, and explains the basics ...
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Economists have done dynamics very badly, from the bastardisation of the original Harrod unstable growth model by Hicks, through to today’s DSGE models which pretend that a saddle node equilibrium can be an attractor. This lecture uses basic mathematical techniques to show that “multiplier-accelerator trade cycle models” aren’t models at all, and explains the basics ...
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Michael Hudson writes Temples of Enterprise
Lars Pålsson Syll writes Minnen som glömskan inte rår på
Bill Haskell writes Promoting the General Welfare, The Supreme Court’s Version of Doing So
NewDealdemocrat writes For the second time in three months, the Household jobs Survey was recessionary
|