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Economics, Control Theory and the Phillips Machine

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  • Brian Hayes

Abstract

Can the same mathematical control laws that smooth out oscillations in the flight of an airplane also moderate economic cycles of boom and bust? Attempts to bring together the intellectual traditions of control engineering and economics go back at least as far as the hydraulic analog computer of A.W.H. Phillips, circa 1950. Today, economic policymakers remain committed to the ideal of controlling business cycles; it remains an open question whether tools from control theory might help to refine their strategies.

Suggested Citation

  • Brian Hayes, 2011. "Economics, Control Theory and the Phillips Machine," Economia politica, Società editrice il Mulino, issue 1, pages 83-96.
  • Handle: RePEc:mul:jb33yl:doi:10.1428/35928:y:2011:i:1:p:83-96
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    More about this item

    Keywords

    C02; C61; C63; E32;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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