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Accumulation and consumptionin microeconomic system

Author

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  • S.A. Amelkin

    (Program Systems Institute of the Russian Academy of Sciences)

Abstract

Two main processes are common for an economic system. They are consumption and accumulation. The first one is described by utility function, either cardinal or ordinal one. The mathematical model for accumulation process can be constructed using wealth function introduced within the frame of irreversible microeconomics. Characteristics of utility and wealth functions are compared and a problem of extreme performance of resources exchange process is solved for a case when both the consumption and accumulation exist. Classification-ACM-1998: J.4; Social and behavioral sciences - Sociology

Suggested Citation

  • S.A. Amelkin, 2004. "Accumulation and consumptionin microeconomic system," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 2(2), pages 119-125.
    • Handle: RePEc:zna:indecs:v:2:y:2004:i:1:p:119-125
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    References listed on IDEAS

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    1. Robert U. Ayres & Katalin Martina, s, 1996. "Wealth accumulation and economic progress," Journal of Evolutionary Economics, Springer, vol. 6(4), pages 347-359.
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