Causal and Stochastic Elements in Business Cycles: An Essential Extension of Macroeconomics Leading to Improved Predictions of Data
1. Facts: A leisure term with an unbounded value function, when added to utility in the Lucas (1988) 'mechanics of economic development', expands enormously the range of data covered by the theory. To explain this we have to ask two questions. First: why leisure would be so much desired? P...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Berlin, Heidelberg
Springer Berlin Heidelberg
1996
|
| Ausgabe: | 1st ed. 1996 |
| Schriftenreihe: | Lecture Notes in Economics and Mathematical Systems
431 |
| Schlagworte: | |
| Online-Zugang: | BTU01 Volltext |
| Zusammenfassung: | 1. Facts: A leisure term with an unbounded value function, when added to utility in the Lucas (1988) 'mechanics of economic development', expands enormously the range of data covered by the theory. To explain this we have to ask two questions. First: why leisure would be so much desired? Perhaps because leisure is one's own time and such a leisure term means an unbounded value of individual freedom. But why leisure is economically productive, as implied by the results obtained in this study? Perhaps because cognitive innovations often occur during the time which in economics is registered as leisure? Then an unbounded leisure term would also make room for an unbounded creation of knowledge, as distinguished from the mere transmission of knowledge in education and training. In any case the leisure term seems to act as if it where the'hole' through which strong nonmaterial values affect economics. The ensuing 'extended mechanics' is derived in Chapters 4-6 and proves to involve an extension of growth theory as well as a theory of the causal part of business cycles. Their empirical verification is given by showing (i) that the existence of the two Basic Growth Paths derived from this theory, defining its Growth Type 1 and Growth Type 2, respectively, is verified already by the statistics collected by Solow (1957) but ignored so far (see Chapter 5 of the present study); one of them, viz |
| Beschreibung: | 1 Online-Ressource (XI, 116 p) |
| ISBN: | 9783642957383 |
| DOI: | 10.1007/978-3-642-95738-3 |
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| 520 | |a 1. Facts: A leisure term with an unbounded value function, when added to utility in the Lucas (1988) 'mechanics of economic development', expands enormously the range of data covered by the theory. To explain this we have to ask two questions. First: why leisure would be so much desired? Perhaps because leisure is one's own time and such a leisure term means an unbounded value of individual freedom. But why leisure is economically productive, as implied by the results obtained in this study? Perhaps because cognitive innovations often occur during the time which in economics is registered as leisure? Then an unbounded leisure term would also make room for an unbounded creation of knowledge, as distinguished from the mere transmission of knowledge in education and training. In any case the leisure term seems to act as if it where the'hole' through which strong nonmaterial values affect economics. The ensuing 'extended mechanics' is derived in Chapters 4-6 and proves to involve an extension of growth theory as well as a theory of the causal part of business cycles. Their empirical verification is given by showing (i) that the existence of the two Basic Growth Paths derived from this theory, defining its Growth Type 1 and Growth Type 2, respectively, is verified already by the statistics collected by Solow (1957) but ignored so far (see Chapter 5 of the present study); one of them, viz | ||
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| spelling | Aulin, Arvid Verfasser aut Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data by Arvid Aulin 1st ed. 1996 Berlin, Heidelberg Springer Berlin Heidelberg 1996 1 Online-Ressource (XI, 116 p) txt rdacontent c rdamedia cr rdacarrier Lecture Notes in Economics and Mathematical Systems 431 1. Facts: A leisure term with an unbounded value function, when added to utility in the Lucas (1988) 'mechanics of economic development', expands enormously the range of data covered by the theory. To explain this we have to ask two questions. First: why leisure would be so much desired? Perhaps because leisure is one's own time and such a leisure term means an unbounded value of individual freedom. But why leisure is economically productive, as implied by the results obtained in this study? Perhaps because cognitive innovations often occur during the time which in economics is registered as leisure? Then an unbounded leisure term would also make room for an unbounded creation of knowledge, as distinguished from the mere transmission of knowledge in education and training. In any case the leisure term seems to act as if it where the'hole' through which strong nonmaterial values affect economics. The ensuing 'extended mechanics' is derived in Chapters 4-6 and proves to involve an extension of growth theory as well as a theory of the causal part of business cycles. Their empirical verification is given by showing (i) that the existence of the two Basic Growth Paths derived from this theory, defining its Growth Type 1 and Growth Type 2, respectively, is verified already by the statistics collected by Solow (1957) but ignored so far (see Chapter 5 of the present study); one of them, viz Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus (DE-588)4032134-4 gnd rswk-swf Kausalanalyse (DE-588)4163511-5 gnd rswk-swf Stochastischer Prozess (DE-588)4057630-9 gnd rswk-swf Stochastisches Modell (DE-588)4057633-4 gnd rswk-swf Konjunkturzyklus (DE-588)4032134-4 s Stochastisches Modell (DE-588)4057633-4 s DE-604 Stochastischer Prozess (DE-588)4057630-9 s Kausalanalyse (DE-588)4163511-5 s Erscheint auch als Druck-Ausgabe 9783540605935 Erscheint auch als Druck-Ausgabe 9783642957390 https://doi.org/10.1007/978-3-642-95738-3 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Aulin, Arvid Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus (DE-588)4032134-4 gnd Kausalanalyse (DE-588)4163511-5 gnd Stochastischer Prozess (DE-588)4057630-9 gnd Stochastisches Modell (DE-588)4057633-4 gnd |
| subject_GND | (DE-588)4032134-4 (DE-588)4163511-5 (DE-588)4057630-9 (DE-588)4057633-4 |
| title | Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data |
| title_auth | Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data |
| title_exact_search | Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data |
| title_exact_search_txtP | Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data |
| title_full | Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data by Arvid Aulin |
| title_fullStr | Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data by Arvid Aulin |
| title_full_unstemmed | Causal and Stochastic Elements in Business Cycles An Essential Extension of Macroeconomics Leading to Improved Predictions of Data by Arvid Aulin |
| title_short | Causal and Stochastic Elements in Business Cycles |
| title_sort | causal and stochastic elements in business cycles an essential extension of macroeconomics leading to improved predictions of data |
| title_sub | An Essential Extension of Macroeconomics Leading to Improved Predictions of Data |
| topic | Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus (DE-588)4032134-4 gnd Kausalanalyse (DE-588)4163511-5 gnd Stochastischer Prozess (DE-588)4057630-9 gnd Stochastisches Modell (DE-588)4057633-4 gnd |
| topic_facet | Economic Theory/Quantitative Economics/Mathematical Methods Economic theory Konjunkturzyklus Kausalanalyse Stochastischer Prozess Stochastisches Modell |
| url | https://doi.org/10.1007/978-3-642-95738-3 |
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