Capital Theory and Dynamics

Capital theory and dynamics are cornerstones for almost every branch of economics.

Edwin Burmeister (Author)

9780521297035, Cambridge University Press

Paperback, published 28 November 1980

344 pages
23.2 x 15.6 x 0.9 cm, 1.45 kg

Capital theory and dynamics are cornerstones for almost every branch of economics. Except in a fictional world where the economies of yesterday, today, and tomorrow are identical, issues of capital formation and dynamic behaviour must always arise. Although the specialist literature is technically demanding, Professor Burmeister shows that its important results can be understood and their economic significance grasped by those who do not possess the "mathematical literacy" required to follow rigorous proofs. Even if future events are known with certainty, they still influence the current economic state. This is the pure role of time. That future events are not known with certainty adds another complexity. This book focuses mainly on the pure role of time.

1. Introduction and overview
2. The pure role of time
3. Introduction to dynamic economics
4. Cambridge controversies in capital theory
5. Properties of dynamic paths
6. Descriptive and optimal models with heterogeneous commodities
7. Introduction to stochastic models and rational expectations.

Subject Areas: Economic history [KCZ], Economics [KC]