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Economics Dynamics Problems 16

Economics Dynamics Problems 16 - xiv Preface to the rst...

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xiv Preface to the first edition published articles, involved setting up models in general form and carrying out very tedious algebraic manipulations. This is quite understandable. But such algebraic manipulation does not give students the same insight it may provide the research academic. A compromise is to set out models with specific numerical coefficients. This has at least four advantages. It allowed the models to be solved explicitly. This means that students can get to grips with the models themselves fairly quickly and easily. Generalisation can always be achieved by replacing the numerical coef- ficients by unspecified parameters. Or alternatively, the models can be solved for different values, and students can be alerted to the fact that a model’s solution is quite dependent on the value (sign) of a particular parameter. The dynamic nature of the models can more readily be illustrated . Ac- cordingly concentration can be centred on the economics and not on the mathematics.
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