4
Economic Dynamics
(simple) economic problem being applied to the mathematics. We take a number
of major economic areas and consider various aspects of their dynamics.
Because this book is intended to be selfcontained, then it has been necessary
to provide the mathematical
background
. By ‘background’ we, of course, mean
that this must be mastered
before
the economic problem is reviewed. Accordingly,
part I supplies this mathematical background. However, in order not to make part I
totally mathematical we have discussed a number of economic applications. These
are set out in part I for the first time, but the emphasis here is in illustrating the
type of mathematics they involve so that we know what mathematical techniques
are required in order to investigate them. Thus, the Malthusian population growth
model is shown to be just a particular differential equation, if population growth
is assumed to vary continuously over time. But equally, population growth can be
considered in terms of a discrete timeperiod model. Hence, part I covers not only
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 Fall '11
 Dr.Gwartney
 Economics, Mathematical Background, Economic Dynamics

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