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Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals.
Chapter "Introduction" is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.
List of contents
Optimal Growth and Endogenous Cycles.- Optimal Growth and Chaotic Dynamics.- Global Dynamics in Optimal Growth Models.- Dynamic Models with Non-concave Technologies.- Stochastic Optimal Growth Models.- Indeterminancy in Exogenous Growth Models.- Interdeterminancy in Endogenous Growth Models.
About the author
Makoto Yano is the director of the Institute for Economic Research at Kyoto University. He has served as president of the Japanese Economic Association, and on the editorial board of many leading journals. He has co-authored several of Kazuo Nishimura's seminal contributions to economic theory.
Alain Venditti is a director of research at the CNRS (Centre National de Recherche Scientifique), GREQAM (Groupement de Recherche en Economie Quantitative d'Aix-Marseille), and an associate professor at EDHEC Business School. He has collaborated extensively with Kazuo Nishimura, and has published in many leading economics journals. In 2007 he was awarded the IJET Lionel McKenzie Prize for contributions to economic theory.
John Stachurski is a professor at the Research School of Economics, Australian National University. He has collaborated extensively with Kazuo Nishimura, and has published in many leading economics journals. In 2005 he was awarded the IJET Lionel McKenzie Prize for contributions to economic theory.
Summary
Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals.
Chapter “Introduction” is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.
