Publisher Summary A systematic development of the theory of differential–difference equations was not begun until E. Schimdt published an important paper about fifty years ago. The subsequent gradual growth of the field has been replaced, in the last decade or so, by a rapid expansion due to the stimulus of various applications. This chapter introduces the study of differential–difference equations and discusses some of the main features of the theory. The role of differential–difference equations is vital in some areas, such as engineering problem and fluid mechanics. In engineering problem, the problem of controlling the temperature in a reaction tank is addressed using differential difference equations. The temperature variation is reported because of random disturbances, inherent effects due to u being non-zero, and the operation of the control device. The chapter discusses the asymptotic behavior of solutions and the problem of stability.

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Differential-Difference Equations

International investment location decisions

A substantial portion of the increase in the output of advanced industrial nations is widely judged to have been attributable to technical progress. There is also overwhelming evidence that this progress has not occurred merely in a random manner (see, e.g. Schmookler, 1962}. Yet there is not much in the way of economic theory to explain either its rate or its direction, and particularly little that has a reasonably precise micro-economic foundation.^ This lacuna is important, because a recognition of the importance of technical progress raises serious doubts about the adequacy with which traditional micro-economic models allow one to understand the functioning of modern market economies, and to develop policy prescriptions (e.g. with respect to anti-trust policy). The lacuna is also surprising, for it has become a commonplace, at least since the work of Schumpetcr (1947), that the pace of inventive and innovative activity is related to market structure. Moreover, there must be many who share the Schumpeterian belief that perfect competition is inimical to inventive activity, and that the gains from such activity more than offset the welfare loss arising from production inefficiency associated with market power.^ However, a substantial part of the recent industrial organisation literature would appear to have interpreted tests of the Schumpeterian thesis in a somewhat different manner.^ It is often argued now that industrial concentration and large size spur inventive activity. It is as though concentration is a cause of innovations.^

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Industrial Structure and the Nature of Innovative Activity

The Financial Instability Hypothesis (FIH) has both empirical and theoretical aspects that challenge the classic precepts of Smith and Walras, who implied that the economy can be best understood by assuming that it is constantly an equilibrium-seeking and sustaining system. The theoretical argument of the FIH emerges from the characterization of the economy as a capitalist economy with extensive capital assets and a sophisticated financial system. In spite of the complexity of financial relations, the key determinant of system behavior remains the level of profits: the FIH incorporates a view in which aggregate demand determines profits. Hence, aggregate profits equal aggregate investment plus the government deficit. The FIH, therefore, considers the impact of debt on system behavior and also includes the manner in which debt is validated. Minsky identifies hedge, speculative, and Ponzi finance as distinct income-debt relations for economic units. He asserts that if hedge financing dominates, then the economy may well be an equilibrium-seeking and containing system: conversely, the greater the weight of speculative and Ponzi finance, the greater the likelihood that the economy is a "deviation-amplifying" system. Thus, the FIH suggests that over periods of prolonged prosperity, capitalist economies tend to move from a financial structure dominated by hedge finance (stable) to a structure that increasingly emphasizes speculative and Ponzi finance (unstable). The FIH is a model of a capitalist economy that does not rely on exogenous shocks to generate business cycles of varying severity: business cycles of history are compounded out of (i) the internal dynamics of capitalist economies, and (ii) the system of interventions and regulations that are designed to keep the economy operating within reasonable bounds.

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The Financial Instability Hypothesis

A comprehensive account of economic size distributions around the world and throughout the years In the course of the past 100 years, economists and applied statisticians have developed a remarkably diverse variety of income distribution models, yet no single resource convincingly accounts for all of these models, analyzing their strengths and weaknesses, similarities and differences. Statistical Size Distributions in Economics and Actuarial Sciences is the first collection to systematically investigate a wide variety of parametric models that deal with income, wealth, and related notions. Christian Kleiber and Samuel Kotz survey, compliment, compare, and unify all of the disparate models of income distribution, highlighting at times a lack of coordination between them that can result in unnecessary duplication. Considering models from eight languages and all continents, the authors discuss the social and economic implications of each as well as distributions of size of loss in actuarial applications. Specific models covered include: Pareto distributions Lognormal distributions Gamma-type size distributions Beta-type size distributions Miscellaneous size distributions Three appendices provide brief biographies of some of the leading players along with the basic properties of each of the distributions. Actuaries, economists, market researchers, social scientists, and physicists interested in econophysics will find Statistical Size Distributions in Economics and Actuarial Sciences to be a truly one-of-a-kind addition to the professional literature.

Statistical Size Distributions in Economics and Actuarial Sciences

Selected Essays in the Dynamics of the Capitalist Economy.

A Macrodynamic Theory of Business Cycles

If you are searched for a book by Michal Kalecki Selected Essays on the Dynamics of the Capitalist Economy 1933-1970 in pdf form, then you have come on to the right site. We present complete version of this book in doc, DjVu, PDF, txt, ePub forms. You may reading by Michal Kalecki online Selected Essays on the Dynamics of the Capitalist Economy 1933-1970 or load. Additionally to this book, on our website you can reading the manuals and another artistic books online, either load them. We want attract regard that our site does not store the book itself, but we provide url to the website wherever you may download or reading online. So if you have must to download Selected Essays on the Dynamics of the Capitalist Economy 1933-1970 pdf by Michal Kalecki, in that case you come on to right website. We have Selected Essays on the Dynamics of the Capitalist Economy 1933-1970 DjVu, ePub, txt, doc, PDF forms. We will be happy if you get back us afresh.

Michał Kalecki

Papers

Selected Essays in the Dynamics of the Capitalist Economy.

A Macrodynamic Theory of Business Cycles

Selected Essays on the Dynamics of the Capitalist Economy 1933–1970

The Theory of Economic Dynamics

Theory of economic dynamics