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Economic system dynamics

Author

Listed:
  • McCauley, Joseph L.
  • Küffner, Cornelia M.

Abstract

We provide the reader with a qualitative summary of the main ideas from econophysics and finance theory, starting with a thorough criticism of the standard ideas taught in typical economics textbooks. The emphasis is on the Galilean or physicists' approach to market synamics, as opposed to the standard nonempirical postulatory one.

Suggested Citation

  • McCauley, Joseph L. & Küffner, Cornelia M., 2004. "Economic system dynamics," MPRA Paper 2158, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:2158
    as

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    File URL: https://mpra.ub.uni-muenchen.de/2158/1/MPRA_paper_2158.pdf
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    References listed on IDEAS

    as
    1. Mirowski,Philip, 2002. "Machine Dreams," Cambridge Books, Cambridge University Press, number 9780521772839, September.
    2. Mirowski,Philip, 2002. "Machine Dreams," Cambridge Books, Cambridge University Press, number 9780521775267, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Utility; equilibrium; supply and demand curves; business cycles; market dynamics;
    All these keywords.

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics

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