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Non-maximum Disequilibrium Macrodynamics

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  • Kumaraswamy Velupillai
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    Abstract

    In his stimulating Nobel Prize Lecture, Paul Samuelson made the important point that there were interesting macrodynamic systems which could, in no sensible sense, be associated with maximization problems. The paradigmatic example he chose was the multiplier-accelerator system. In this paper I make an attempt to explore the connection between macrodynamics, rationality and computability against the backdrop provided by Samuelson's observation and Richard Goodwin's nonlinear methodological credo. It is shown that non-maximum, disequilibrium macrodynamics is perfectly consistent with standard rationality postulates.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09535319900000009
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Economic Systems Research.

    Volume (Year): 11 (1999)
    Issue (Month): 2 ()
    Pages: 113-126

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    Handle: RePEc:taf:ecsysr:v:11:y:1999:i:2:p:113-126

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    Related research

    Keywords: Non-maximum macrodynamics; disequilibrium dynamics; computation universality;

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    Cited by:
    1. Fioretti, Guido, 2006. "Recognising investment opportunities at the onset of recoveries," Research in Economics, Elsevier, vol. 60(2), pages 69-84, June.
    2. Guido Fioretti, 2002. "The Investment Acceleration Principle Revisited by Means of a Neural Net," Computational Economics 0207002, EconWPA.

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