Steindl on Stochastic Processes
AbstractSteindl’s work on stochastic processes aims to describe the economy as in a state of imbalance, due to the fact that its starting conditions are an accident of history, and nobody has a clue what tomorrow will bring. This does not mean that we cannot imagine a balanced distribution – when the various forces of change are constant – as a way of pointing out certain fundamental characteristics. Such a purpose is compatible with the use of stochastic models, because these also entail the study of systematic phenomena. In fact, what we often describe as ‘random’ is the result of lots and lots of independent forces acting together on a particular phenomenon.
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Bibliographic InfoArticle provided by Economia civile in its journal PSL Quarterly Review.
Volume (Year): 65 (2012)
Issue (Month): 261 ()
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Web page: http://www.economiacivile.it
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical
- B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
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