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Causal and Stochastic Elements in Business Cycles by Arvid Aulin
Causal and Stochastic Elements in Business Cycles by Arvid Aulin
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Causal and Stochastic Elements in Business Cycles

An Essential Extension of Macroeconomics Leading to Improved Predictions of Data
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Description

The prevailing orthodoxy according to which all macroeconomic theory should be reducible to microeconomics is criticized. Such a dogma excludes from economics the creation of new knowledge, which - as distinguished from the mere transmission of knowledge in education and training - is a social process not reducible to microeconomics. A mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development is shown to improve essentially the prediction of business cycle data, when compared with the conventional real business cycle models of Kydland and Prescott, Hansen and Rogerson, and Danthine and Donaldson.
Release date NZ
February 19th, 1996
Author
Audience
  • Professional & Vocational
Edition
Softcover reprint of the original 1st ed. 1996
Illustrations
XI, 116 p.
Pages
116
Dimensions
156x234x7
ISBN-13
9783540605935
Product ID
13455512

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