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Differential equations

In: Mathematical Modelling for Economists

Author

Listed:
  • Donald A. R. George

Abstract

The treatment of time is a question which cannot be avoided by economists despite some ingenious attempts to do just that. In the Arrow-Debreu world of general equilibrium there is no room for time. All deals are made at an instant and cover a complete set of contingent and futures markets. As time unfolds these predetermined deals are simply activated: no re-contracting is allowed. This treatment effectively eliminates time from the model and, in a sense, contributes to its theoretical elegance. Elegance was, however, not high in Chapter 1’s list of desirable properties of models. Time is important and an important modelling technique for dealing with it is the theory of differential equations.

Suggested Citation

  • Donald A. R. George, 1988. "Differential equations," Palgrave Macmillan Books, in: Mathematical Modelling for Economists, chapter 6, pages 82-112, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-19238-0_6
    DOI: 10.1007/978-1-349-19238-0_6
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