TEL  Vol.3 No.4 , August 2013
The Economic Motion
Author(s) Li Choy Chong*
ABSTRACT

This paper investigates the way economics moves, in other words we study the characteristics of economic dynamics by itself that is by abstracting from the single generating context, whatever this might be. We would like to concentrate on the fundamental mechanism “moving” the economic system and determining its business cycle, its crisis, its development and so on. In this way we are offering an extremely new perspective about economic dynamics, as we do not consider its elements as separate but we hold them as part of a single phenomenon, the evolution of an economic system. We argue that by considering this point of view, economic dynamics cannot be determined by a system in eternal equilibrium only occasionally disturbed by some exogenous shock. We demonstrate that economics is evolving continuously and economic phenomena (such as economic crisis) have to be interpreted as a variation in its velocity.


Cite this paper
L. Chong, "The Economic Motion," Theoretical Economics Letters, Vol. 3 No. 4, 2013, pp. 251-256. doi: 10.4236/tel.2013.34042.
References
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[2]   “Motion (Physics): The Free Encyclopedia,” Wikipedia, 2012. http://en.wikipedia.org/w/index.php?title=Motion_(physics)&oldid=508415312

[3]   “Dynamics (Mechanics): The Free Encyclopedia,” Wikipedia, 2012. http://en.wikipedia.org/w/index.php?title=Dynamics_(mechanics)&oldid=5075521

[4]   F. Machlup, “Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics,” Economic Journal, Vol. 68, 1958, pp. 9-42.

[5]   A. C. Chiang, “Fundamental Methods of Mathematical Economics,” Mc Graw-Hill, New York, 1984.

[6]   J. Adda and R. Cooper, “Dynamic Economics—Quantitative Methods and Applications,” MIT Press, Cambridge, 2003.

[7]   M. I. Kamien and N. Schwarz, “Dynamic Optimization— The Calculus of Variations and Optimal Control in Economics and Management,” Elsevier, New York, 1981.

 
 
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