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Hysteresis and the Modeling of Economic Phenomena

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  • Donald Katzner

Abstract

Three definitions of hysteresis in dynamic economic models are considered in order of their increasing ability to project history onto the present in a significant way. The third of these definitions is based on the substitution of 'historical' for 'logical' time in the model's dynamic structure.

Suggested Citation

  • Donald Katzner, 1999. "Hysteresis and the Modeling of Economic Phenomena," Review of Political Economy, Taylor & Francis Journals, vol. 11(2), pages 171-181.
    • Handle: RePEc:taf:revpoe:v:11:y:1999:i:2:p:171-181
    DOI: 10.1080/095382599107101
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    References listed on IDEAS

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    1. Vickers,Douglas, 1987. "Money Capital in the Theory of the Firm," Cambridge Books, Cambridge University Press, number 9780521328418, January.
    2. repec:bla:scandj:v:89:y:1987:i:1:p:71-89 is not listed on IDEAS
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    7. Paul Davidson, 1993. "The Elephant and the Butterfly," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 309-322, March.
    8. Donald W. Katzner, 1993. "Some Notes on the Role of History and the Definition of Hysteresis and Related Concepts in Economic Analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 15(3), pages 323-345, March.
    9. Nicholas Georgescu-Roegen, 1950. "The Theory of Choice and the Constancy of Economic Laws," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(1), pages 125-138.
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    Cited by:

    1. Zdeněk Chytil & Lukáš Máslo, 2017. "Conceptualization of Historical Time in Post Keynesian Economics," Prague Economic Papers, Prague University of Economics and Business, vol. 2017(4), pages 397-421.
    2. Turvey, Calum G. & Onyango, Benjamin & Cuite, Cara & Hallman, William K., 2010. "Risk, fear, bird flu and terrorists: A study of risk perceptions and economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(1), pages 1-10, January.
    3. Rod Cross, 2014. "Unemployment: natural rate epicycles or hysteresis?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(2), pages 136-148, September.
    4. Angel Asensio & Dany Lang & Sébastien Charles, 2012. "Post Keynesian modeling: where are we, and where are we going to?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 34(3), pages 393-412.
    5. Sofia Castro & João Correia-da-Silva, 2005. "Past expectations as a determinant of equilibrium prices - hysteresis in a simple economy," FEP Working Papers 185, Universidade do Porto, Faculdade de Economia do Porto.
    6. Ian McAuley, 2005. "Private Health Insurance: Still Muddling Through," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 12(2), pages 159-178.
    7. Paulo R. Mota & Abel L. C. Fernandes & Paulo B. Vasconcelos, 2018. "Employment Hysteresis: An Argument For Avoiding Front-Loaded Fiscal Consolidations In The Eurozone," FEP Working Papers 610, Universidade do Porto, Faculdade de Economia do Porto.

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