Dynamics îf Production Factors in Regional Economy: Econophysical Approach

Mikhail Khavinson ()

Spatial Economics=Prostranstvennaya Ekonomika, 2014, issue 1, 119-137

Abstract: The article discusses possibilities of applying basic mathematical models to describe economic dynamics. Basic models are generally used in Econophysics (scientific direction which was formed Ì.Þ. Õàâèíñîí ÏÝ ¹ 1 2014 at the intersection of Economics and Physics) for the analysis of macroeconomic dynamics. The author proposes to extend the list of basic Econophysics models with the help of exponential model. Now this list consists of a logistic model, a model of conventional information struggle, a hidden bankruptcy model and a model of phase transitions. The exponential model, which expresses the empirical regularities of cooling (heating) of a body in the homogeneous environment and radioactive decay and also describes the evolution in time of biological populations and the world population, is conceptually ideal for simulation of the medium-term regional dynamics. The author illustrates application of the exponential model to the description of regional economic dynamics with the help of the model of production factors dynamics (the number of employees and the value of capital assets). The researcher verifies the model on the basis of statistical data of the Jewish Autonomous region. The results show that the region’s overall number of employees and the number by type of economic activity reaches stationary values in a similar way with dynamics of temperature of a heated body in a homogeneous environment. The value of capital assets of the region sometimes varies according to the law of radioactive decay.

Keywords: ?; basic; model; ?; Econophysics; ?; phenomenological; approach; ?; exponential; model; ?; equation; of; heat; transfer; ?; law; of; radioactive; decay; ?; production; factors; ?; Jewish; Autonomous; Region (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:far:spaeco:y:2014:i:1:p:119-137

DOI: 10.14530/se.2014.1.119-137

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