by 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 ...
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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:
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