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Dynamics and Conservation Laws

In: Symmetry and Economic Invariance

Author

Listed:
  • Ryuzo Sato

    (New York University)

  • Rama V. Ramachandran

    (Pebble Brook Lane)

Abstract

In dynamic analysis, we examine the movements of a system over time. From the infancy of their science, economists were interested in the microeconomic and macroeconomic adjustment processes. As for long-term trends, classical economists assumed that would tend towards a stationary state. Modern growth theory, as developed in the second half of this century, indicated the possibility of a non-stationary equilibrium and provided strong impetus to appropriate and adopt for study of economic dynamics the mathematical tools developed in physical sciences.

Suggested Citation

  • Ryuzo Sato & Rama V. Ramachandran, 2014. "Dynamics and Conservation Laws," Advances in Japanese Business and Economics, in: Symmetry and Economic Invariance, edition 2, chapter 0, pages 87-105, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-54430-2_7
    DOI: 10.1007/978-4-431-54430-2_7
    as

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