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Introduction

In: Balanced and Cyclical Growth in Models of Decentralized Economy

Author

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  • Alexander P. Abramov

    (Russian Academy of Sciences)

Abstract

In this chapter, we provide a verbal definition of balanced growth. We note that the balanced growth theory helps link the dynamic and static models of multisector economies. We emphasize the link between the balanced growth theory and turnpike theory, an effective framework for the qualitative analysis of economic dynamics. We also note that the mathematical economic models considered by the classical balanced growth theory implicitly assume the existence of a control center endowed with the rights of a dictator. For this reason, we thought it interesting to try to extend this theory to models of decentralized systems, where economic agents are economically autonomous to a certain degree. We discuss one possible extension that employs a Walrasian equilibrium model. We list those features of decentralized economies that must be included in the mentioned mathematical models. We also note that, if a model assumes that its economic agents are completely autonomous, some variables in that model may exhibit cyclical dynamics.

Suggested Citation

  • Alexander P. Abramov, 2014. "Introduction," Lecture Notes in Economics and Mathematical Systems, in: Balanced and Cyclical Growth in Models of Decentralized Economy, edition 127, chapter 0, pages 1-6, Springer.
    • Handle: RePEc:spr:lnechp:978-3-319-07917-2_1
    DOI: 10.1007/978-3-319-07917-2_1
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