 IntroductionAlexander P. Abramov
Chapter Chapter 1 in Balanced and Cyclical Growth in Models of Decentralized Economy, 2014, pp 1-6 from Springer Abstract: Abstract In this chapter, we provide a verbal definition of balanced growth. We note that the balanced growth theory helps link the dynamic and static models of multisector economies. We emphasize the link between the balanced growth theory and turnpike theory, an effective framework for the qualitative analysis of economic dynamics. We also note that the mathematical economic models considered by the classical balanced growth theory implicitly assume the existence of a control center endowed with the rights of a dictator. For this reason, we thought it interesting to try to extend this theory to models of decentralized systems, where economic agents are economically autonomous to a certain degree. We discuss one possible extension that employs a Walrasian equilibrium model. We list those features of decentralized economies that must be included in the mentioned mathematical models. We also note that, if a model assumes that its economic agents are completely autonomous, some variables in that model may exhibit cyclical dynamics. Keywords: Balance Growth; Income Statement; Walrasian Equilibrium; Cyclical Dynamic; Debt Repayment (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:lnechp:978-3-319-07917-2_1 Ordering information: This item can be ordered from DOI: 10.1007/978-3-319-07917-2_1 Access Statistics for this chapter More chapters in Lecture Notes in Economics and Mathematical Systems from Springer |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.