Economics as a compartmental system: a simple macroeconomic example
AbstractThe application in Economics of methods and tools originally thought for other disciplines is not new. In this paper we show how the compartmental approach, typical of Biology, Medicine, Chemistry, etc., can be used as a tool to represent the heterogeneity of the agents and introduce it into the dynamic models. We also show that in some cases the subdivision of the agents into compartments can be useful for the government in order to obtain some results more efficiently.
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Bibliographic InfoArticle provided by Springer in its journal International Review of Economics.
Volume (Year): 57 (2010)
Issue (Month): 4 (December)
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Web page: http://www.springer.com/economics/journal/12232
Other versions of this item:
- Fabio Tramontana & Mauro Gallegati, 2010. "Economics as a compartmental system: a simple macroeconomic example," Working Papers 1011, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2010.
- C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
- E0 - Macroeconomics and Monetary Economics - - General
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
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