The Visible Hand Synergetic Microfoundation of Macroeconomic Dynamic
In the last decade highly innovatory developments have taken place in theoretical economics. The new focus of interest seems to be twofold: Firstly, nonlinear models for dynamic processes of the economy are constructed to extend the scope of linear models
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369
Reiner Koblo
The Visible Hand Synergetic Microfoundation of Macroeconomic Dynamics
Springer-Verlag Berlin Heidelberg New York London Paris Tokyo Hong Kong Barcelona Budapest
Editorial Board
H. Albach M. Beckmann (Managing Editor) p. Dhrymes G. Fandel G. Feichtinger W. Hildenbrand W. Krelie (Managing Editor) H. P. Kunzi K. Ritter U. Schittko P. Schonfeld R. Selten W. Trockel
Managing Editors
Prof. Dr. M. Beckmann Brown University Providence, RI 02912, USA Prof. Dr. W. Krelie Institut fur Geselischafts- und Wirtschaftswissenschaften der Universitat Bonn Adenaueraliee 24-42, 0-5300 Bonn, FRG Author
Dipl.-Ing. Reiner B. Koblo Friedrich-Naumann-Str. 85 0-7500 Karlsruhe 21
ISBN-13: 978-3-540-54595-8 DO I: 10.1007/978-3-642-46753-0
e-ISBN-13: 978-3-642-46753-0
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, re-use of illustrations, recitation, broadcasting, reproduction on microfilms or in other ways, and storage in data banks. Duplication of this publication or parts thereof is only permitted under the provisions of the German Copyright Law of September 9, 1965, in its current version, and a copyright fee must always be paid. Violations fall under the prosecution act of the German Copyright Law.
© SprinQer-VerlaQ Berlin HeidelberQ 1991 Softcover reprint of the hardcover 1st edition 1991 Typesetting: Camera ready by author 42/3140-543210 - Printed on acid-free paper
Foreword In the last decade highly innovatory developments have taken place in theoretical economics. The new focus of interest seems to be twofold: Firstly, nonlinear models for dynamic processes of the economy are constructed to extend the scope of linear models for tlle stationary euqilibrium state; and secondly a new approach is made to solve the everlasting problem of the relation between micro- and macro-economics. The interdisciplinary field of synergetics is deeply involved in this evolution. The author has made a remarkable contribution to both foci: His application of synergetic concepts to the theory of business cycles combines a partial solution of the micro-macro-problem, namely the modelling of the macro-economic effect of the decisions of investors, producers and consumers, with the natural introduction of nonlinearities. The arising new business cycle theory can on the one side be validated by empirical evidence and on the other hand the typical behavior of nonlinear dynamic systems including the transition to deterministic chaos can be clearly demonstrated. The hope is justified that the model presented in this book is a fw·ther important step in reaching a new level of the quantitative comprehension of dynamic phenomena in the economy. Stuttgart, June 1991
Prof. Dr. Wolfgang Weidlich
Foreword It is the author's objective to explain macroeconomic processes on the basis of microeconomic decision-making behaviour. In order to achieve this goal, the concept of synergetics is presented as a method of describ
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