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By Wei-Bin Zhang

Over greater than centuries the advance of financial concept has created a big selection of other theories, ideas and effects. however, there isn't any common conception, which mrifies those different theories right into a entire one. Economics has been break up among partial and conflicting representations of the functioning of marketplace economies. we now have a suite of separate theories reminiscent of the Marxian economics, the Keynesian economics, the final equilibrium conception, and the neoclassical development conception. those diversified financial theories have co-existed yet no longer in a established courting with one another. financial scholars are expert to appreciate monetary phenomena by way of severally incompatible theories one after the other within the comparable direction. because the finish of moment Wodd warfare many crises in monetary idea were introduced. The economist skilled the quandary of the final equilibrium economics, the drawback of the neoclassical progress economics, the trouble of the Keynesian economics, let alone the crises of the Marxian economics. it truly is relatively average to count on the lack of self assurance in theoretical economics even between specialist economists after such a lot of crises in a truly brief time period. yet a drawback deals new opportmrities for switch, both for greater or for worse. The previous crises in theoretical economics should be perceived as a old opportmrity to build a normal financial idea wherein the conventional theories are built-in right into a larger whole.

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Additional info for A Theory of Interregional Dynamics: Models of Capital, Knowledge and Economic Structures

Sample text

1 are not satisfied. In the remainder of this chapter, we examine effects of changes in some parameters. 1 in the remainder of this chapter. 3 Regional Amenity and the Equilibrium Structure This section is concerned with the effects of changes in the amenity levels of the two regions.

It is assumed that land quality, climates and environment are homogenous within each region, but they may be different between the two regions. The land is used only for housing. We select commodity to serve as numeraire, with all the other prices being measured relative to its price. We neglect transportation cost of commodities between and within regions. Only one commodity is produced and the commodity is composed of homogeneous qualities. It is produced by combining two factors of production - labor and capital.

14) if O. 14). 1. We assume 0'2 + 17 z - 1 17+ ( Z- 1) >--. }"C>2 V The dynamic system has a unique equilibrium. 6). 1 are satisfied if the difference between the two regions' levels of working efficiency is appropriately small.

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