Steindl on Stochastic Processes

Marcella Corsi

PSL Quarterly Review, 2012, vol. 65, issue 261, 151-166

Abstract: Steindl's work on stochastic processes aims to describe the economy as in a state of imbalance, due to the fact that its starting conditions are an accident of history, and nobody has a clue what tomorrow will bring. This does not mean that we cannot imagine a balanced distribution - when the various forces of change are constant - as a way of pointing out certain fundamental characteristics. Such a purpose is compatible with the use of stochastic models, because these also entail the study of systematic phenomena. In fact, what we often describe as 'random' is the result of lots and lots of independent forces acting together on a particular phenomenon.

Keywords: Stochastic models; forces of change; Pareto distribution; history matters. (search for similar items in EconPapers)
JEL-codes: B16 B25 B31 E12 (search for similar items in EconPapers)
Date: 2012
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