Hysteresis and the Modeling of Economic Phenomena

Donald Katzner

Review of Political Economy, 1999, vol. 11, issue 2, 171-181

Abstract: Three definitions of hysteresis in dynamic economic models are considered in order of their increasing ability to project history onto the present in a significant way. The third of these definitions is based on the substitution of 'historical' for 'logical' time in the model's dynamic structure.

Date: 1999
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DOI: 10.1080/095382599107101

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