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Introduction to Economic Dynamics
Economic dynamics; an introduction. Subjects Economics. View all subjects More like this Similar Items. Allow this favorite library to be seen by others Keep this favorite library private. Find a copy in the library Finding libraries that hold this item Economic dynamics. Reviews User-contributed reviews Add a review and share your thoughts with other readers.
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Add a review and share your thoughts with other readers. Similar Items Related Subjects: 6 Economics. But in dynamic economics we also study the path of change or the movement towards equilibrium. This path can be explained with the help of the diagram given below which relates to price determination in a market.
Economic dynamics: an introduction - William J. Baumol - Google книги
In the diagram drawn below, DD is the demand curve and SS is the supply curve. Suppose the initial price is OP 1. At OP 1 price, supply of the commodity is more than its demand. As a result, price falls. This process of falling price continues till demand becomes equal to the supply of the commodity. E is the point where demand for and supply of the commodity are equal.
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This is a point of equilibrium. Here OP is the equilibrium price. OM is the quantity demanded and supplied. This equilibrium path of the price change is shown through the arrow lines in the figure. Recently the concept of dynamics has been applied to the economy as a whole, Prof. Clark has pointed out the following features of a dynamic economy:. Inefficient organizations are replaced by efficient organisations. We can conclude by saying that dynamic economics relates to a dynamic economy where uncertainty and expectations play their part. Dynamic economics is becoming more and more popular since Though the principles advocated by Clark and Aftalian were dynamic in nature yet their main purpose was to explain the business fluctuations.
After , dynamic economics became popular not only in business fluctuations but also in the determination of income and growth models.
The Royal Swedish Academy of Sciences
Time element occupies an important role in dynamic economics. Economic problems concerning continuous change of economic variables and path of change can be studied only in dynamic economics. Theories of trade cycles have been advocated only through the introduction of dynamic economics. Theories of trade cycles are based on dynamic economics as they refer to the fluctuations of the different time periods. Dynamic economics has an important place in economics because many economic theories are based on it.
For example, saving and investment theory, theory of interest, effect of time element in price determination, etc. Dynamic analysis is more flexible. Models regarding the possibilities of economic change can be development in dynamic analysis. That is why it has been found a useful mode of study. Dynamic economics is also useful in solving the problems of economic planning, economic growth and trade cycles.
Dynamic economic analysis is nearer to the reality. In a real world, economic variables like national income, consumption, etc.