具體描述
The author shows that the enormous gap between theory and facts in modern macroeconomics can only be eliminated by nonlinear macroeconomic dynamics with the following special characteristics: First of all, only certain group-theoretical invariants generate the correct growth cycles with irregularly varying lengths, not any stochastic process as usually applied for this purpose. Furthermore, a special extended value function and generalized human capital are needed for a correct representation of scientific and technological innovation. Finally, the correct nonlinear macroeconomic dynamics are not reducible to microeconomics, for both of the above mentioned reasons.
著者簡介
圖書目錄
The Macroeconomic Problem....Pages 1-11
Front Matter....Pages 13-13
Canonical Formalism: Basics....Pages 15-34
The Canonical Formalism of Macroeconomics....Pages 35-63
Front Matter....Pages 65-65
The Principle of Economy in Scientific Explanation....Pages 67-71
Growth Paths Determined by Canonical Formalism....Pages 72-84
The Plosser Fact and Other Growth Effects of Savings Rate....Pages 85-104
The Kydland Facts on Leads and Lags in Business Cycles....Pages 105-124
Correlations and Variances over the Ordinary Business Cycles....Pages 125-148
Correlations over Anomalous Business Cycles....Pages 149-171
The Role of Stochastic Shocks in the Business Cycle....Pages 172-195
Back Matter....Pages 196-206
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