Titlebook: Macro-Economic Theory: A Mathematical Treatment; R. G. D. Allen Book 1967 Palgrave Macmillan, a division of Macmillan Publishers Limited 1

肉身

Classical Macro-Economic Theorymous investment, the consequent changes in the stock of capital . can be ignored. The main variables are flows, of income and employment or of investment and saving, which refer only to one point of time or to one period. We relate them at a given time (or period); there are no links between one tim

损坏

Keynesian Models rate (.), money and real wages (. and .), and the price level (.). There are three markets (for the product, for money, and for labour); and there are demand and supply to specify on each. However, the money supply is again taken as given, leaving only five functions to be specified for planned mag

Myocyte

Aggregate Demandy on the flow condition of the product market in short-period equilibrium. In the absence of lags and on the assumption that planned consumption and investment are realised, the condition (2.4 above) is:. which is equivalent to: . We assume that the . so that we again write (as in 7.3 above) the var

upstart

The Dynamic Multiplier equilibrium position can be compared with another as a matter of comparative statics. But, as Keynes saw them, the models contain no dynamic elements; strictly speaking, there is no Keynesian macro-economic dynamics. No provision is made for an analysis of processes through time—even of the process

设施

Capital Accumulation that the period is so short that changes in the stock of capital resulting from investment can be ignored. The level of income in static equilibrium may also be interpreted as a stationary state, implying no induced investment (depending on income or income changes) and an optimal capital stock.

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售穴

oxidant

Technical Progressss. But technical progress is an important and perhaps the main factor making for growth. Technical progress simply implies that increased output can be obtained over time from given resources of men and machines. But it can take a variety of forms and our purpose now is to define and distinguish so

Deference

Neo-Classical Growth Modelsroduction function, ensuring a continuous range of possible values of the output-capital ratio (1/.). Steady-state growth is consistent with the model in the sense that, once the ‘right’ output-capital ratio obtains, then it remains constant on the steady-state equilibrium path. The ‘right’ output-c

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