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The Economic Metronome


  • Iliya Balabanov
  • Nikolay Ê. Vitanov


The “Economic Metronome” (EM) is a term, used for the mathematical formula of a set of fundamental interrelations of key importance for the monetary-value expression among: the main factors of economical activity of any range; their productivity; the primary proportions in production, distribution, exchange and consumption of the output commodity product; the speeds of development of the activity. The formula is an attempt to design an instrument for more accurate measurement of the potentially possible and the actually achieved efficiency of economical activity, as well as for more reliable forecasting and projecting its further development on the investment-innovative stage.

Suggested Citation

  • Iliya Balabanov & Nikolay Ê. Vitanov, 2011. "The Economic Metronome," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 3-30.
  • Handle: RePEc:bas:econth:y:2011:i:7:p:3-30

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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook


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