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Out of Equilibrium$
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Mario Amendola and Jean-Luc Gaffard

Print publication date: 1998

Print ISBN-13: 9780198293804

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198293801.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 03 December 2021

Out‐Of‐Equilibrium Modelling

Out‐Of‐Equilibrium Modelling

(p.137) 6 Out‐Of‐Equilibrium Modelling
Out of Equilibrium

Mario Amendola (Contributor Webpage)

Jean‐Luc Gaffard

Oxford University Press

The first chapter of the second part of the book is devoted to the modelling of the theoretical framework expounded in the first part. A Neo‐Austrian theory of production, a sequential analytical framework, a decision process characterized by adaptive expectations and the presence of money, are the main analytical ingredients of the model. This portrays a ‘constraints‐decisions‐constraints’ sequence, where the consideration of both an intra‐ and an inter‐period sequence allows sketching out the interaction between the short and the long term. The full‐fledged working of the model engenders a complex dynamics that appears as the essence of structural change interpreted as a sequential process, and stresses the problem of the viability of the latter.

Keywords:   complex dynamics, decision process, Sequence constraints‐decisions‐constraints, sequential model

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