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Hysteresis and the Modeling of Economic Phenomena

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  • Donald Katzner

Abstract

Three definitions of hysteresis in dynamic economic models are considered in order of their increasing ability to project history onto the present in a significant way. The third of these definitions is based on the substitution of 'historical' for 'logical' time in the model's dynamic structure.

Suggested Citation

  • Donald Katzner, 1999. "Hysteresis and the Modeling of Economic Phenomena," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 171-181.
  • Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:171-181
    DOI: 10.1080/095382599107101
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    References listed on IDEAS

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    1. Vickers,Douglas, 1987. "Money Capital in the Theory of the Firm," Cambridge Books, Cambridge University Press, number 9780521328418.
    2. Cross, Rod B, 1987. " Hysteresis and Instability in the Natural Rate of Unemployment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 89(1), pages 71-89.
    3. Rod Cross & Michael Grinfeld & Laura Piscitelli, 1999. "Hysteresis in Economic Systems," Computing in Economics and Finance 1999 723, Society for Computational Economics.
    4. Cross, Rod, 1993. "On the Foundations of Hysteresis in Economic Systems," Economics and Philosophy, Cambridge University Press, vol. 9(01), pages 53-74, April.
    5. Paul Davidson, 1993. "The Elephant and the Butterfly," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 309-322, March.
    6. Donald W. Katzner, 1993. "Some Notes on the Role of History and the Definition of Hysteresis and Related Concepts in Economic Analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 323-345, March.
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    Cited by:

    1. Rod Cross, 2014. "Unemployment: natural rate epicycles or hysteresis?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 136-148, September.
    2. Turvey, Calum G. & Onyango, Benjamin & Cuite, Cara & Hallman, William K., 2010. "Risk, fear, bird flu and terrorists: A study of risk perceptions and economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 1-10, January.
    3. Ian McAuley, 2005. "Private Health Insurance: Still Muddling Through," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 12(2), pages 159-178.
    4. Angel Asensio & Dany Lang & Sébastien Charles, 2012. "Post Keynesian modeling: where are we, and where are we going to?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(3), pages 393-412.

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