4Economic Dynamics(simple) economic problem being applied to the mathematics. We take a numberof major economic areas and consider various aspects of their dynamics.Because this book is intended to be self-contained, then it has been necessaryto provide the mathematicalbackground. By ‘background’ we, of course, meanthat this must be masteredbeforethe economic problem is reviewed. Accordingly,part I supplies this mathematical background. However, in order not to make part Itotally mathematical we have discussed a number of economic applications. Theseare set out in part I for the first time, but the emphasis here is in illustrating thetype of mathematics they involve so that we know what mathematical techniquesare required in order to investigate them. Thus, the Malthusian population growthmodel is shown to be just a particular differential equation, if population growthis assumed to vary continuously over time. But equally, population growth can beconsidered in terms of a discrete time-period model. Hence, part I covers not only
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