Competition, instability, and nonlinear cycles. Proceedings of an International Conference, New School for Social Research, New York, USA, March 1985
This volume contains fifteen papers presented at a conference the purpose of which it was to explore the dynamics of production price systems and on this basis to develop a more consistent classification oriented microfoundation for macrodynamic systems and nonlinear cycles theories. The book is divided into four sections. The first section includes five papers dealing with the dynamics of classical competitive processes and the stability properties of production price systems with alternative assumptions on the formation of prices and the determination of outputs. The next section contains four articles on the microfoundations of macrodynamical systems and nonlinear cycle theories. Four papers with regard to the classical/Keynesian macrodynamical systems, some of them refering to Sargent's Keynesian macroeconomic models, are included in the third section. The last section presents two articles in which some econometric methods are utilised to test sectoral instabilities in input- output systems, and nonlinearities and limit cycle properties of macroeconomic models. The authors utilize in an extensive manner advanced methods of differential equations and nonlinear dynamic systems such as the gradient method, Lyapunov functions, the Poincaré-Bendixson theorem for limit cycles, discrete versions of nonlinear dynamical systems with fixed-point iterations, bifurcation theory and nonlinear eigenvalue theory. The editor selected the topics of the articles in a coherent and logical manner and as a result the volume constitutes a remarkable synthesis of some of the most promising modern methods and techniques of research in Economics. I consider it a useful and interesting book and I recommend it to all economists and mathematicians interested in Dynamic Economic Analysis.
scientific article; zbMATH DE number 3970418