By Wei-Bin Zhang
Over greater than centuries the improvement of monetary thought has created a big selection of alternative theories, recommendations and effects. however, there isn't any normal idea, which mrifies those diversified theories right into a finished one. Economics has been cut up among partial and conflicting representations of the functioning of industry economies. now we have a suite of separate theories equivalent to the Marxian economics, the Keynesian economics, the overall equilibrium concept, and the neoclassical development thought. those varied monetary theories have co-existed yet no longer in a based dating with one another. fiscal scholars are proficient to appreciate fiscal phenomena by way of severally incompatible theories one after the other within the similar path. because the finish of moment Wodd battle many crises in financial conception were introduced. The economist skilled the obstacle of the overall equilibrium economics, the main issue of the neoclassical development economics, the concern of the Keynesian economics, let alone the crises of the Marxian economics. it's relatively average to anticipate the lack of self assurance in theoretical economics even between expert economists after such a lot of crises in a truly brief time period. yet a concern bargains new opportmrities for swap, both for greater or for worse. The previous crises in theoretical economics will be perceived as a ancient opportmrity to build a basic financial thought during which the normal theories are built-in right into a better whole.
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Additional info for A Theory of Interregional Dynamics: Models of Capital, Knowledge and Economic Structures
K. , J J j = 1, 2. 10) As households are freely mobile between the two regions, they should have the same level of the utility, irrespective of where they live. 14) We have thus built the model. The system has 29 variables, N j ' K j Sj' kj' lj' Tj, Tjh, Yj' U j , wj , R j (j = 1, 2), ' Fj ' Cj , K, rand Ro. It contains the same number of independent equations. We now examine conditions for the existence of equilibria of the dynamic system. 2 The Equilibrium Structure with Identical Propensities This section is concerned with the conditions for existence of economic equilibria.
The growth in the female population's earning power may raise the forgone value of their time spent at child care, education and other household activities, which may reduce the demand for children and encourage a substitution away from parental activities. Divorce rates, fertility, and labor participation rates may interact in much more complicated ways. , Becker, 1981, Weiss and Willis, 1985). Although there is an increasing literature on dynamics of sexual division of labor and consumption in theoretical economics, interactions between regional economic growth and sexual division of labor and consumption are rarely modeled in an interregional context.
We may extend the model in multiple ways. We neglected issues related to economic production with a refmed production structure such as service, manufacturing, consumption goods and tourists sectors, within each region and regional division of production over the entire economy. Conceptually, it is not difficult to extend the discussion to multiple sectors since the multiple sector model of a one-region economy exists in the literature. It is important to introduce infrastructures, population or knowledge dynamics into the system.
A Theory of Interregional Dynamics: Models of Capital, Knowledge and Economic Structures by Wei-Bin Zhang