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OverviewPresenting the dynamic laws of economic quantities, this book tackles one of the core difficulties of current economic theory: that of transforming abstract equations of equilibrium into precise dynamic rules. The theoretical framework of neoclassical micro theory has historically prohibited its development into a quantitative science. Estola identifies the main weaknesses of this framework as follows: 1) Static optimization does not allow for the modelling of time-dependent production and consumption flows; 2) The assumption of optimal behaviours forecloses any understanding of changes in economic quantities, as none will change its optimal behaviour. The author of this title assumes that economic units tend to better their situation where possible. The book demonstrates how this approach leads to an analogous framework in economics to the Newtonian framework in physics. The ‘forces’ acting upon economic quantities, which either cause adjustment toward an equilibrium state or keep the system in motion with time, are defined such that the neoclassical framework corresponds to a ‘zero-force’ situation. Introducing a system of measurement units for economic phenomena, Estola applies this throughout, and thereby illuminates a way for microeconomics to meet the minimum requirements of quantitative analysis. Full Product DetailsAuthor: Matti EstolaPublisher: Springer International Publishing AG Imprint: Springer International Publishing AG Edition: Softcover reprint of the original 1st ed. 2017 Dimensions: Width: 14.80cm , Height: 2.50cm , Length: 21.00cm Weight: 0.628kg ISBN: 9783319836102ISBN 10: 3319836102 Pages: 464 Publication Date: 03 May 2018 Audience: Professional and scholarly , Professional & Vocational Format: Paperback Publisher's Status: Active Availability: Manufactured on demand  We will order this item for you from a manufactured on demand supplier. Table of ContentsChapter 1: Economics as a Science.- Chapter 2: Measuring in Economics.- Chapter 3: Economic Systems.- Chapter 4: Consumer Behaviour.- Chapter 5: The Behavior of Firms.- Chapter 6: Goods' Markets.- Chapter 7: Labor as a Productive Factor.- Chapter 8: Capital Goods as Firms' Input.- Chapter 9: Elasticities and the Market Mechanism.- Chapter 10: Fundamentals of Financial Markets.- Chapter 11: Saving, Borrowing and Interest Rate.- Chapter 12: Mathematical Appendix.ReviewsThis book could be interesting for students of undergraduate- and graduate-level university courses in microeconomics, especially those interested in econophysics. The book presents a new methodological bridge between modeling principles in economics and physics. (Ants Aasma, Mathematical Reviews, July, 2019) “This book could be interesting for students of undergraduate- and graduate-level university courses in microeconomics, especially those interested in econophysics. The book presents a new methodological bridge between modeling principles in economics and physics.” (Ants Aasma, Mathematical Reviews, July, 2019) Author InformationMatti Estola is Senior Lecturer in Economics at the University of Eastern Finland. His research specialises in methodology, quantitative methods and econophysics. Estola has lectured in microeconomics at elementary, intermediate and advanced levels for over 20 years, and has published numerous articles on economic dynamics. Tab Content 6Author Website:Countries AvailableAll regions |
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