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DYNAMIC ECONOMICS with increasing returns is extended tocope with economic growth, the business cycles and theirregular swings in the long-term development as differentaspects of the same dynamical system, the economic system"as a whole".HUMAN CAPITAL emerges as the seminal concept: economicgrowth is in this dynamics causally reduced to the growth ofhuman capital and thus to the growth of exact scientificknowledge. An analysis of this knowledge shows that qualityeducation in hard sciences must be a prime target of futureeconomic policies.A CAUSAL STRUCTURE, new in economics, underlies the extendeddynamics. To enable students to study and to improve it, adetailled introduction to nonlinear causality is given,emphasizing the points relevant to this causal structure.NATIONAL ACCOUNTING and input-output dynamics are suggestedto be extended to include also the production prices andproduction of human capital and of human time, by using amethod of calculation indicated in detail in the book.
List of contents
I. Human Capital: The Fundamental Concept.- 1. Science and Human Capital.- 2. Enemies of Human Capital.- 3. The Nature of Exact Science.- II. Nonlinear Causality: An Introduction to Higher Analysis of Causal Processes.- 4. Mathematical Dynamics as the Fundamental Method of Causal Science.- 5. Developmental Stages of Mathematical Dynamics.- 6. Causality in Bounded Dynamics: Full Predictability Or Chaos.- 7. Causality in Unbounded Dynamics: Self-steering.- III. Economic Causality: The Reduction to Human Capital.- 8. Extended Input-Output Dynamics and the Concept of National Economy.- 9. The Neoclassical Tradition.- 10. Fundamental Economic Causality: A Generalized Lucasian Dynamics.- IV. The Politico-Cultural Causality of Human Capital.- 11. On the Mathematical Dynamics of Human Action.- 12. The Politico-cultural Factors of Human Capital.- References.- Addendum: The Business Cycles Revisited.
Summary
DYNAMIC ECONOMICS with increasing returns is extended to
cope with economic growth, the business cycles and the
irregular swings in the long-term development as different
aspects of the same dynamical system, the economic system
"as a whole".
HUMAN CAPITAL emerges as the seminal concept: economic
growth is in this dynamics causally reduced to the growth of
human capital and thus to the growth of exact scientific
knowledge. An analysis of this knowledge shows that quality
education in hard sciences must be a prime target of future
economic policies.
A CAUSAL STRUCTURE, new in economics, underlies the extended
dynamics. To enable students to study and to improve it, a
detailled introduction to nonlinear causality is given,
emphasizing the points relevant to this causal structure.
NATIONAL ACCOUNTING and input-output dynamics are suggested
to be extended to include also the production prices and
production of human capital and of human time, by using a
method of calculation indicated in detail in the book.
