Overview
Presenting the dynamic laws of economic quantities, this book tackles one of the core difficulties of current economic theory: that of transforming abstract equations of equilibrium into precise dynamic rules. The theoretical framework of neoclassical micro theory has historically prohibited its development into a quantitative science. Estola identifies the main weaknesses of this framework as follows: 1) Static optimization does not allow for the modelling of time-dependent production and consumption flows; 2) The assumption of optimal behaviours forecloses any understanding of changes in economic quantities, as none will change its optimal behaviour. The author of this title assumes that economic units tend to better their situation where possible. The book demonstrates how this approach leads to an analogous framework in economics to the Newtonian framework in physics. The ‘forces’ acting upon economic quantities, which either cause adjustment toward an equilibrium state or keep the system in motion with time, are defined such that the neoclassical framework corresponds to a ‘zero-force’ situation. Introducing a system of measurement units for economic phenomena, Estola applies this throughout, and thereby illuminates a way for microeconomics to meet the minimum requirements of quantitative analysis.
Full Product Details
Author: Matti Estola
Publisher: Springer International Publishing AG
Imprint: Springer International Publishing AG
Edition: 1st ed. 2017
Dimensions:
Width: 14.80cm
, Height: 3.10cm
, Length: 21.00cm
Weight: 7.223kg
ISBN: 9783319468785
ISBN 10: 3319468782
Pages: 464
Publication Date: 01 February 2017
Audience:
Professional and scholarly
,
Professional & Vocational
Format: Hardback
Publisher's Status: Active
Availability: Manufactured on demand
We will order this item for you from a manufactured on demand supplier.
Reviews
“This book could be interesting for students of undergraduate- and graduate-level university courses in microeconomics, especially those interested in econophysics. The book presents a new methodological bridge between modeling principles in economics and physics.” (Ants Aasma, Mathematical Reviews, July, 2019)
This book could be interesting for students of undergraduate- and graduate-level university courses in microeconomics, especially those interested in econophysics. The book presents a new methodological bridge between modeling principles in economics and physics. (Ants Aasma, Mathematical Reviews, July, 2019)
Author Information
Matti Estola is Senior Lecturer in Economics at the University of Eastern Finland. His research specialises in methodology, quantitative methods and econophysics. Estola has lectured in microeconomics at elementary, intermediate and advanced levels for over 20 years, and has published numerous articles on economic dynamics.
