Overview

The prevailing orthodoxy according to which all macroeconomic theory should be reducible to microeconomics is criticized. Such a dogma excludes from economics the creation of new knowledge, which - as distinguished from the mere transmission of knowledge in education and training - is a social process not reducible to microeconomics. A mathematical extension of the Lucas theory to allow for the effects of creation of knowledge upon economic development is shown to improve essentially the prediction of business cycle data, when compared with the conventional real business cycle models of Kydland and Prescott, Hansen and Rogerson, and Danthine and Donaldson.

Full Product Details

Author:   Arvid Aulin
Publisher:   Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Imprint:   Springer-Verlag Berlin and Heidelberg GmbH & Co. K
Edition:   Softcover reprint of the original 1st ed. 1996
Volume:   431
Dimensions:   Width: 15.50cm , Height: 0.70cm , Length: 23.50cm
Weight:   0.219kg
ISBN:  

9783540605935

ISBN 10:   3540605932
Pages:   116
Publication Date:   19 February 1996
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Out of stock  
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