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Causal and Stochastic Eleme...
The prevailing orthodoxy according to which all macroeconomic theory should be reducible to microeconomics is criticized. Such a dogma excludes from economics the creation of new knowledge, which - as distinguished from the mere transmission of knowledge in education and training - is a social process not reducible to microeconomics. A mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development is shown to improve essentially the prediction of business cycle data, when compared with the conventional real business cycle models of Kydland and Prescott, Hansen and Rogerson, and Danthine and Donaldson
Monografía
monografia Rebiun22088402 https://catalogo.rebiun.org/rebiun/record/Rebiun22088402 m o d cr mnu---uuaaa 121227s1996 gw o 000 0 eng 934995364 936317432 9783642957383 electronic bk.) 3642957382 electronic bk.) 9783540605935 3540605932 AU@ 000051656373 NZ1 15005288 NZ1 15595480 AU@ eng pn AU@ OCLCQ GW5XE OCLCF OCLCQ EBLCP OCLCQ YDX UAB OCLCQ AU@ LEAUB KCA bicssc BUS069030 bisacsh 330.1 23 Aulin, Arvid Causal and Stochastic Elements in Business Cycles an Essential Extension of Macroeconomics Leading to Improved Predictions of Data by Arvid Aulin Berlin, Heidelberg Springer Berlin Heidelberg 1996 Berlin, Heidelberg Berlin, Heidelberg Springer Berlin Heidelberg 1 online resource (xi, 116 pages) 1 online resource (xi, 116 pages) Text txt rdacontent computer c rdamedia online resource cr rdacarrier Lecture Notes in Economics and Mathematical Systems 0075-8442 431 The Mathematical Tools -- The Lucas Growth Theory and Its Generalization to Business Cycles -- The General Theory of Economic Growth and Business Cycles -- The Basic Business Cycles as the Causal Part of Business Cycles -- The Effects of Nonmaterial Values and Other Ignored Factors Upon Economic Growth -- An Alternative Vision of the Stochastic Element in Business Cycles The prevailing orthodoxy according to which all macroeconomic theory should be reducible to microeconomics is criticized. Such a dogma excludes from economics the creation of new knowledge, which - as distinguished from the mere transmission of knowledge in education and training - is a social process not reducible to microeconomics. A mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development is shown to improve essentially the prediction of business cycle data, when compared with the conventional real business cycle models of Kydland and Prescott, Hansen and Rogerson, and Danthine and Donaldson Economics Economics. Business & Economics. Economic Theory. Economic Theory/Quantitative Economics/Mathematical Methods. Electronic books Print version 9783540605935 Lecture notes in economics and mathematical systems 431