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 InfoPaper provided by University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini in its series Working Papers with number 1011.
Length: 16 pages
Date of creation: 2010
Date of revision: 2010
Compartmental systems; Heterogeneous agents; Fiscal policy.;
Other versions of this item:
- Fabio Tramontana, 2010. "Economics as a compartmental system: a simple macroeconomic example," International Review of Economics, Springer, vol. 57(4), pages 347-360, December.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-24 (All new papers)
- NEP-CBA-2010-07-24 (Central Banking)
- NEP-HPE-2010-07-24 (History & Philosophy of Economics)
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