The Invariance Principle and Income-Wealth 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 8 in Symmetry and Economic Invariance, 2014, pp 113-142 from Springer

Abstract: Abstract In the early part of the nineteenth century William Rowan Hamilton discovered a principle which can be generalized to encompass many areas of physics, engineering and applied mathematics. Hamilton’s principle roughly states that the evolution in time of a dynamic system takes place in such a manner that integral of the difference between the kinetic and potential energies for the system is stationary. If the “action” integral is free of the time variable, the sum of the kinetic and potential energies, the Hamiltonian, is constant—the conservation law of the total energy.

Keywords: Discount Rate; Optimal Path; Invariance Principle; Japanese Economy; Infinitesimal Transformation (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_8

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DOI: 10.1007/978-4-431-54430-2_8

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