Conservation Laws in Continuous and Discrete Models

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

Chapter Chapter 9 in Symmetry and Economic Invariance, 2014, pp 143-176 from Springer

Abstract: Abstract The study of economic conservation laws is still in its infancy relative to its counterparts in physics and engineering. Yet this is an area where there is great interest and rapid progress is being made. In economics, the conservation law has its roots in the most celebrated article of Frank Ramsey (1928). But it was Paul A. Samuelson (1970) who first explicitly introduced the concept of conservation law to theoretical economics. The recent works by Weitzman (1976); Sato (1981, 1985); Kemp and Long (1982); Samuelson (1971, 1982); Sato, Nono and Mimura (1983); and Sato and Maeda (1987) provide an indication of the rapid progress being made in this field.

Keywords: Discount Rate; Technical Change; Discrete System; Symmetry Operator; Infinitesimal Transformation (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/978-4-431-54430-2_9

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