Mode Locking and Entrainment of Endogenous Economic Cycles (Classic Reprint) - Softcover

Inhaltsangabe

Excerpt from Mode Locking and Entrainment of Endogenous Economic Cycles

We explore the robustness of aggregation in Sterman's model of the economic long wave. The original model aggregates all capital producing firms into a single sector and generates a large amplitude self-sustained oscillation with a period of roughly 50 years. We disaggregate the model into two coupled industries. One representing production of plant and long-lived infrastructure and the other short-lived equipment and machinery. While holding the aggregate equilibrium characteristics of the model constant. We investigate how mode-locking occurs as a function of the difference in capital lifetimes and the strength of the coupling between the sectors. Disaggrega tion allows new modes of behavior to arise: In addition to mode-locking we observe cascades of period-doubling bifurcations. Chaos. Intermittency. And quasi-periodic be havior. Despite the introduction of these additional modes. The basic behavior of the model is robust to the aggregation assumption. We consider the likely effects of finer disaggregation. The introduction of additional coupling mechanisms such as prices. And other avenues for the exploration of aggregation in system dynamics models.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Die Inhaltsangabe kann sich auf eine andere Ausgabe dieses Titels beziehen.