By Wei-Bin Zhang

This booklet constructs an financial concept that may be studied just like the I Ching: it includes a number of styles inside of a grand complete; it involves a number of elements and every half represents itself as a constant team spirit. The booklet is the major a part of my monetary concept with endogenous inhabitants, capital, wisdom, personal tastes, sexual department of work and intake, associations, financial constructions and trade values through the years and area (Zhang, I 996a). It has taken me an extended onerous procedure to systematize the guidelines represented during this publication: formulating the grand imaginative and prescient in Schumpeter's experience, looking for or developing many rules, of which just a couple of have 'survived', and now finishing this booklet to make a inform. I keep in mind Schumpeter's angle: new rules, except rigorously elaborated, panistakingly defended, and 'pushed', easily won't inform (Schumpeter, 1934), Keynes' commentary: the trouble lies, no longer within the new rules, yet in escaping from the outdated ones, which ramifY . . . . into each comer of our minds (Keynes, 1936), in addition to Confucius' reputation of the significance oftiming: If my p'rinciples are to enhance, it's so ordered. in the event that they are to fall to the ground,it is so ordereo. (Confucius, 1992). Acknowledgements I accomplished this publication on the Swedish Institute for Futures experiences. i'm thankful to the friendly and powerful atmosphere· produced by means of the workers of the Institute. I recognize my deep appreciation to Professor Ake E. Andersson, my manager of Ph. D.

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Additional info for Capital and Knowledge: Dynamics of Economic Structures with Non-Constant Returns

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11) is mathematically identical to that in the Solow-Swan growth model, we may use the conclusions of the neoclassical growth model to our model. The proof of the following theorem is referred to Burmeister and Dobell (1970). 1. ) = lfk· . Proof: We introduce function (k) == Af(k) - lfk . 0 , by continuity we have For any K > Hence, we have . I(k) hmk_++ 0 there exists kI such that I(k) / k < 8/ A for all k > kl . On the other hand, 8 1'(0) -_ A < l' Imk~O [/(k)-k 1(0)] -_ l' Imk~O [/(k)] k holds by hypothesis.

We assume that households and firms are separate entities and that consumption is only undertaken by households and investment only by firms, consumers can allocate their current income Y(t) and the past wealth to expenditure on goods and services C(t) and savings S(t). It should be noted that savings S(t) may be negative in our geneml framework with multiple groups. For instance, the aged may live on selling some of his wealth accumulated over the past. In this case S is negative. 3 cannot handle this kind of issues in their assumed consumer behavior.

We use simple functional forms. 4 Conclusions 45 compact framework. Any specified form of production or utility function is a restricted description of possible transformations from inputs to outputs. Most contemporary works of theoretical economics use more general correspondences and express constraints more generally. For instance, in the general equilibrium economics a transformation from inputs to output is often defined by a technology set T to describe production possibilities. An output vector F may be produced from an input vector X iff (X, Y) E T .

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Capital and Knowledge: Dynamics of Economic Structures with by Wei-Bin Zhang
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