By Wei-Bin Zhang
Over greater than centuries the advance of financial conception has created a big selection of other theories, ideas and effects. however, there isn't any normal idea, which mrifies those different 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 corresponding to the Marxian economics, the Keynesian economics, the overall equilibrium concept, and the neoclassical development thought. those diversified financial theories have co-existed yet no longer in a based courting with one another. monetary scholars are expert to appreciate fiscal phenomena by means of severally incompatible theories one after the other within the similar path. because the finish of moment Wodd struggle many crises in monetary conception were introduced. The economist skilled the situation of the overall equilibrium economics, the hindrance of the neoclassical development economics, the situation of the Keynesian economics, let alone the crises of the Marxian economics. it really is rather moderate to anticipate 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 challenge bargains new opportmrities for swap, both for larger or for worse. The earlier crises in theoretical economics should be perceived as a historic opportmrity to build a normal monetary concept wherein the normal theories are built-in right into a greater whole.
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Extra info for A Theory of Interregional Dynamics: Models of Capital, Knowledge and Economic Structures
T;j,T;~, T2j,T2~' Yj' U j , w1j ' w 2j ' R j (j=1,2), cj , K, We now examine conditions for the existence of equilibria of the dynamic system. 2 Equilibrium Structure of Regional Competition This section is concerned with the existence of economic equilibria. 10) yields (Jlkj h I;jwlj Sj =~' = 0kkj h T2jWj (J2kj 17k. =-J, J J A J A' j = 1, 2. 4), we get N j* + K z = K. 1), r = aF; / KI = aFz / K z = VIs: 1/ f3K j' ] . =, 1 2. 2) W mj j3Zmj =oalf3 ' m, J' = 1, 2. 13). e. The requirement means that the sum of the husband's and wife's working efficiency in region 1 is higher than that in region 2 .
This chapter proposes a two-region growth model of endogenous capital accumulation and time under perfect competition and free movement of the population with given regional differences in land, amenity and life styles. The chapter is organized as follows. 1 defmes the basic model of economic growth with endogenous time and interregional trade. 2 provides the conditions for the existence of equilibrium. 4 examine the impact of changes in the work efficiency and the regional amenity levels on the regional economic structure.
From our discussion it can be seen that it is difficult to discuss issues related to the existence of economic equilibria and effects of changes in parameters in the cases that the two regions have different elasticities of production and different propensities. 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.