The Impact of Science on Economic Growth and its Cycles
ISBN:
978-3-540-64727-0
Auflage:
Softcover reprint of the original 1st ed. 1998
Verlag:
Springer Berlin
Land des Verlags:
Deutschland
Erscheinungsdatum:
17.09.1998
Reihe:
Lecture Notes in Economics and Mathematical Systems
Format:
Softcover
Seitenanzahl:
204
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The author shows that the enormous gap between theory and facts in modern macroeconomics can only be eliminated by nonlinear macroeconomic dynamics with the following special characteristics: First of all, only certain group-theoretical invariants generate the correct growth cycles with irregularly varying lengths, not any stochastic process as usually applied for this purpose. Furthermore, a special extended value function and generalized human capital are needed for a correct representation of scientific and technological innovation. Finally, the correct nonlinear macroeconomic dynamics are not reducible to microeconomics, for both of the above mentioned reasons.
