Dynamics and Conservation Laws

Ryuzo Sato and Rama V. Ramachandran
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Ryuzo Sato: New York University
Rama V. Ramachandran: Pebble Brook Lane

Chapter Chapter 7 in Symmetry and Economic Invariance, 2014, pp 87-105 from Springer

Abstract: Abstract In dynamic analysis, we examine the movements of a system over time. From the infancy of their science, economists were interested in the microeconomic and macroeconomic adjustment processes. As for long-term trends, classical economists assumed that would tend towards a stationary state. Modern growth theory, as developed in the second half of this century, indicated the possibility of a non-stationary equilibrium and provided strong impetus to appropriate and adopt for study of economic dynamics the mathematical tools developed in physical sciences.

Keywords: Saving Rate; Hamiltonian Formulation; Golden Rule; Legendre Transformation; Instantaneous Utility (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advchp:978-4-431-54430-2_7

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DOI: 10.1007/978-4-431-54430-2_7

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