Time and Money: How Long and How Much Money is Needed to by Jean-Pierre Aubin

By Jean-Pierre Aubin

This authored monograph offers an unconventional method of a massive subject in monetary thought. the writer is a professional within the box of viability concept which was once prompted by means of economics on the finish of the 1970's (see Dynamic monetary concept: a Viability method, Springer, (1996). it really is used the following to research how an economic system will be dynamically endowed in order that it really is economically workable.

Economic viability calls for an assumption at the joint evolution of commodities transactions, fluctuations of costs and numeraire devices: the sum of the “transactions values” and the “impact of cost fluctuations” may be damaging or equivalent to 0. The booklet offers a computation of the minimal endowment which restores fiscal viability and derives the dynamic legislation that keep an eye on either transactions and cost fluctuations.

The audience basically contains open-minded and mathematically economists however the e-book can also be valuable for graduate scholars.

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Additional info for Time and Money: How Long and How Much Money is Needed to Regulate a Viable Economy (Lecture Notes in Economics and Mathematical Systems, Volume 670)

Sample text

The danger of accepting the static equilibrium point of view was recognized in 1944 by John von Neumann and Oscar Morgenstern at the end of the first Chapter of their monograph Theory of Games and Economic Behavior: “Our theory is thoroughly static. A dynamic theory would unquestionably be more complete and therefore, preferable [. . ]” It was time to go from static to genuine evolutionary systems, which are not to be confused with the concepts of “repeated equilibria,” which required that at each instant, an instantaneous equilibrium mechanism provides the prices and the commodities obtained through a demand function depending on price and income.

For instance, to underline the unviable exuberance of exponential evolutions obtained with fixed rates obtained by constant interest rates, we observed the daily rates of the CAC-40 index during a 2-year period, their average and the EONIA riskless rate. We summarize our observations in the following two figures. 8 [Evolution of the CAC-40 Index and of its Returns][Left]This figure displays from bottom to up the evolutions of 1. the CAC-40 index during 517 dates ending on December 09, 2011; 2. value governed by EONIA riskless rate from the index at initial time; 3.

These two subsets coincide whenever the evolutionary system is deterministic. We face the following dilemma: are the examples of financial and economic cycles produced by complex systems of differential equations with simple dynamics or produced by very simple dynamics, but confronted to a complex maze of constraints? We shall attempt to follow the second term of the above alternative (see Sect. 4, p. 57). Numbers, next measurements, and then, statistics, how helpful they are for understanding and controlling the physical part of the environment, may be a drawback to address the qualitative aspects of our world, left to plain language for the quest of elucidation.

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