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Composite work on economic theory of optimal economic growth - includes econometrics essays covering capital investment, trade, foreign investment, savings, efficiency, labour supply, technological change and the capital worker ratio, etc. References and bibliography.
Composite work on economic theory of optimal economic growth - includes econometrics essays covering capital investment, trade, foreign investment, savings, efficiency, labour supply, technological change and the capital worker ratio, etc. References and bibliography.
The distinguished contributors in this volume provide a variety of essays, which are written in honor of Emmanuel Drandakis. These essays fall into four uniform areas of economics: economic growth, general equilibrium, labor economics and game theory and applications. The editors focus on a select set of issues that stand high on the agenda of academic research. They provide fresh insights and approaches to the analysis of these issues, and thus open up wider avenues for our understanding of the dilemmas posed for theory and policy. Readers are offered new empirical evidence on such thorny social problems as, for example, unemployment, the intergenerational transmission of human capital and the response of wages to price and endowment changes.
The first essay is concerned with evaluating a stream of utility which extends into the infinite future. In it are derived sufficient conditions on a preference ordering to permit the definition of a continuous utility function as well as, the implications of various axiom sets with respect to preferences in the timing of utility. In the second essay, the time profiles of various economic variables in a neoclassical model are related to two indices of technical change, characterizing the rate and bias of this change. These relationships are used to discuss sufficient conditions for exponential growth and the movement over time of the factor-price frontier. In the third essay is derived the optimal growth path for a model described by T.N. Srinivasan, which has fixed coefficients but many types of capital goods.
'Buz Brock's contribution to economic theory in general and economic dynamics in particular are characterized by an unmatched richness of ideas and by deep theoretical, empirical as well as computational analysis. Brock's contribution to economic dynamics range from one extreme of the field, global stability of stochastic optimal growth models, to another extreme, market instability and nonlinearity in economic and financial modelling and data analysis. But his work also includes environmental and economic policy issues and, more recently, the modelling of markets as complex adaptive systems. This collection of essays reflects Brock's richness of ideas that have motivated economists for more than three decades already and will continue to influence many economists for the next decades to come.' - Cars H. Hommes, University of Amsterdam, The Netherlands 'Buz Brock has been, from the beginning of his career, one of the most original thinkers in dynamic economics. His early work showed that growth with random elements could be studied effectively and above all posed exactly the right questions. His more recent work has brought complexity theory to the fore and shown its implications for financial and other markets. In the process, he has both introduced and used econometric tools to show the relevance of his work to empirically observed phenomena. It is very useful to have his work in collected form.' - Kenneth J. Arrow, Stanford University, US This outstanding collection of William Brock's essays illustrates the power of dynamic modelling to shed light on the forces for stability and instability in economic systems. The articles selected reflect his best work and are indicative both of the type of policy problem that he finds challenging and the complex methodology that he uses to solve them. Also included is an introduction by Brock to his own work, which helps tie together the main aspects of his research to date.