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Power Dynamics: Multiple Equilibria, Cyclical Fluctuations, and Local Stability in Intertemporal General Equilibrium Models

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Author Info

  • Gong Guan

    (Institute of Advanced Studies, Wuhan University
    Development Research Group, World Bank)

  • Heng-fu Zou

    (Institute of Advanced Studies, Wuhan University
    Development Research Group, World Bank)

Abstract

Based on the theory of power proposed by John Galbraith, Bertrand Russell and other social scientists, this paper offers two positive intertemporal general equilibrium models to understand: i.) How do rational people decide their optimal consumption, property accumulation, and power? ii.)What causes people to choose different growth path of power? iii.)Why would two people, whose power and wealth endowment levels are quite close, differ so drastically in their future practice? iv.) Why could the rational pursue of power in a "perfect" world is compatible with cyclical power patterns? The simple two-dimensional model considers the dynamic property of power. The second model is an extension of the first model, and analyses the wealth effect on power accumulation. Numerical simulations have provided strong support for our modeling approaches.

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Bibliographic Info

Paper provided by China Economics and Management Academy, Central University of Finance and Economics in its series CEMA Working Papers with number 525.

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Length: 21 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:cuf:wpaper:525

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Web page: http://cema.cufe.edu.cn/
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Related research

Keywords: Power; Stable limit cycles; Hopf bifurcation; Multiple equilibria;

References

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  1. Heng-fu Zou, 1995. "The spirit of capitalism and savings behavior," Journal of Economic Behavior & Organization, Elsevier, vol. 28(1), pages 131-143, September.
  2. Heng-fu Zou, 1995. "'The spirit of capitalism' and long-run growth," CEMA Working Papers 94, China Economics and Management Academy, Central University of Finance and Economics.
  3. Zou, Heng-fu, 1991. "Socialist economic growth and political investment cycles," Policy Research Working Paper Series 615, The World Bank.
  4. Palivos, Theodore, 1995. "Endogenous fertility, multiple growth paths, and economic convergence," Journal of Economic Dynamics and Control, Elsevier, vol. 19(8), pages 1489-1510, November.
  5. Medio, Alfredo, 1987. "Oscillations in optimal growth models," Journal of Economic Behavior & Organization, Elsevier, vol. 8(3), pages 413-427, September.
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