 Dynamic Circular Flow Models with InnovationsAdolf Wagner ()
A chapter in The Two Sides of Innovation, 2013, pp 245-254 from Springer Abstract: Abstract The paper starts with principle assertions in evolutionary economics. On the one hand, the consistent microfoundation of economic aggregates is mathematical impossible, and on the other hand, any representative microfoundation is not acceptable for evolutionary macroeconomics. So we have to work with the assumption of some “aggregative stability” over a not too long period of time. In a further step the concepts of traditional flow equilibria and the concepts of circulation disequilibrium are outlined. Here, circulation disequilibria and changing stocks of money are the normality following the research tradition of Tuebingen University. Of special interest are the so called “Saldenmechanik” as well as the “Maximalbelastungsrechnung”. Only institutional transactors are relevant, for only these sectors manage stocks and flows. Possible innovations are evident: there might be new sectors and new transactions. We end with some conclusions and a historical note. Keywords: Spread Effect; Budget Equation; Flow Equilibrium; Business Cycle Theory; Household Sector (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:eccchp:978-3-319-01496-8_12 Ordering information: This item can be ordered from DOI: 10.1007/978-3-319-01496-8_12 Access Statistics for this chapter More chapters in Economic Complexity and Evolution from Springer |
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