A Theory of Interregional Dynamics: Models of Capital, by Wei-Bin Zhang

By Wei-Bin Zhang

Over greater than centuries the advance of monetary conception has created a wide range of alternative theories, strategies and effects. however, there's no normal thought, which mrifies those diversified theories right into a entire one. Economics has been cut up among partial and conflicting representations of the functioning of marketplace economies. we've a set of separate theories similar to the Marxian economics, the Keynesian economics, the final equilibrium idea, and the neoclassical progress thought. those varied financial theories have co-existed yet now not in a dependent courting with one another. financial scholars are educated to appreciate fiscal phenomena through severally incompatible theories one after the other within the similar path. because the finish of moment Wodd battle many crises in financial idea were introduced. The economist skilled the problem of the final equilibrium economics, the predicament of the neoclassical development economics, the main issue of the Keynesian economics, let alone the crises of the Marxian economics. it's particularly moderate to anticipate the lack of self assurance in theoretical economics even between specialist economists after such a lot of crises in a really brief time period. yet a concern deals new opportmrities for switch, both for higher or for worse. The previous crises in theoretical economics could be perceived as a ancient opportmrity to build a normal fiscal concept in which the conventional theories are built-in right into a better entire.

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Extra resources for A Theory of Interregional Dynamics: Models of Capital, Knowledge and Economic Structures (Lecture Notes in Economics and Mathematical Systems)

Sample text

5 kj . Since the 1 to region 2, On Regional Dynamics We proposed a compact two-region economic model with endogenous capital accumulation. , land in this chapter), amenity (such as climates), working efficiency and life styles. The model describes a dynamic interaction between capital accumulation, regional distribution of capital and labor, regional differences in output levels, land rent and wage rate. We also examined the effects of changes in the amenity level and working efficiency on the equilibrium structure.

2) j . 6) where = 1, 2. 7) where a j == 1/ PjA j - 8 > O. 8) 1 + zN this . 2), we get w. ) + rk. N. / K. ,) j N. = 1, 2 . 8) into these two equations yields W , + rk = fl + aA(1 + zN) F. 8) is used and A == k) / k2 . l 0) are used. e. l2) N j < N, j = 1,2 . l . l4) We thus solve represent kJ A as a unique function of N J and N 2 . 9), we have N J and N 2 . 1S) We have thus solved solve By k t and k2 as unique functions of Nt and N 2 . A. 16) Nt and N2 as functions of N. 17), A and single variable lemma.

In order to define net incomes, it is necessary to determine land ownership structure. We specity land revenue as follows. We assume that each family owns LI / N amount of land in region 1 and L2 / N in region 2 and it is impossible to sell land but it is free to rent one's own land to others. 4) This assumption implies that a worker receives the land revenue, R o ' irrespective of whether his dwelling site is located in region 1 or region 2. If we denote k/t) capital stocks owned by per family in region j, the interest payment per family is given by rkj(t).

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