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Economics Dynamics Problems 33

Economics Dynamics Problems 33 - Introduction 17 All these...

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Introduction 17 All these major concerns involve dynamical systems that require investigation. Some have found to involve chaotic behaviour while others involve multiple equi- libria. All three involve nonlinear equations. How do we represent these systems? How do we solve these systems? Why do multiple equilibria arise? How can we handle the analysis in the presence of nonlinearity? These and many more ques- tions have been addressed in the literature and will be discussed in this book. They all involve an understanding of dynamical systems, both in continuous time and in discrete time. The present book considers these issues, but also considers dynamic issues relevant to microeconomics. The present book also tries to make the point that even in the area of macroeconomics, these three systems do not constitute the whole of the subject matter. As one moves into the realms of policy questions, open economy issues begin to dominate. For this reason, the present book covers much more of the open economy when discussing macroeconomic issues. Of im-
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