Capital Theory and Dynamics

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CUP Archive, Nov 28, 1980 - Business & Economics - 330 pages
Capital theory and dynamics are cornerstones for almost every branch of economics. Except in a fictional world where the economies of yesterday, today, and tomorrow are identical, issues of capital formation and dynamic behaviour must always arise. Although the specialist literature is technically demanding, Professor Burmeister shows that its important results can be understood and their economic significance grasped by those who do not possess the "mathematical literacy" required to follow rigorous proofs. Even if future events are known with certainty, they still influence the current economic state. This is the pure role of time. That future events are not known with certainty adds another complexity. This book focuses mainly on the pure role of time.
 

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Contents

The pure role of time
9
Introduction to dynamic economics
38
Cambridge controversies in capital theory
100
Properties of dynamic paths
165
Descriptive and optimal models with
213
Introduction to stochastic models
264
Notes
288
Bibliography
310
Index
323
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