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Excerpt from Mode Locking and Entrainment of Endogenous Economic Cycles
We explore the robustness of aggregation in Sterman's model of the economic long wave. The original model aggregates all capital producing firms into a single sector and generates a large amplitude self-sustained oscillation with a period of roughly 50 years. We disaggregate the model into two coupled industries. One representing production of plant and long-lived infrastructure and the other short-lived equipment and machinery. While holding the aggregate equilibrium characteristics of the model constant. We investigate how mode-locking occurs as a function of the difference in capital lifetimes and the strength of the coupling between the sectors. Disaggrega tion allows new modes of behavior to arise: In addition to mode-locking we observe cascades of period-doubling bifurcations. Chaos. Intermittency. And quasi-periodic be havior. Despite the introduction of these additional modes. The basic behavior of the model is robust to the aggregation assumption. We consider the likely effects of finer disaggregation. The introduction of additional coupling mechanisms such as prices. And other avenues for the exploration of aggregation in system dynamics models.
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Mode Locking and Entrainment of Endogenous Economic Cycles (Classic Reprint)
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Paperback. Zustand: New. Print on Demand. This book explores the complex and often overlooked phenomenon of "mode locking" in economic systems. Drawing upon insights from physics, biology, and engineering, the author demonstrates how the interactions between different sectors of an economy can lead to synchronized economic cycles, a concept known as "entrainment." The book delves into the mathematical principles underlying mode locking, using a model of the economic long wave as a case study. This model, developed by the author, disaggregates capital into different types, each with its own characteristic lifespan. The book then investigates how the interaction between these sectors, represented by their dependence on one another's outputs, affects the frequency, amplitude, and coherence of economic cycles. By exploring the interplay of these factors, the book illuminates the complexities of economic cycles, demonstrating how seemingly disparate economic actors can become synchronized through their intricate interactions. The book offers a new perspective on the dynamics of economic cycles, challenging the traditional reliance on external shocks and emphasizing the importance of endogenous interactions in shaping economic outcomes. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Bestandsnummer des Verkäufers 9781333743499_0
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Mode Locking and Entrainment of Endogenous Economic Cycles Classic Reprint
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