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Richard M. Goodwin
Richard M. Goodwin (February 24, 1913 – August 13, 1996) was an American mathematician and economist. Background Goodwin was born in New Castle, Indiana. He received his BA and PhD at Harvard and taught there from 1942 until 1950. He fled the United States during the McCarthy era, then taught at the University of Cambridge until 1979 and the University of Siena until 1984.. Although he became a university lecturer in the Cambridge faculty of economics and politics in 1951, it was not until five years later that he agreed to join the fellowship of a college, choosing that of Peterhouse. Christopher Calladine thinks that this unusual situation may have been because Goodwin initially had ideological opposition to the notion of the college system, which he may have considered to be anachronistic. Later, after retiring from Cambridge,. Goodwin was the first non-Italian professor of economics at Siena.. Goodwin described himself as "a lifelong but wayward Marxist",. joining ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Castle, Indiana
New Castle is a city in Henry County, Indiana, United States. Located east-northeast of Indianapolis, on the Big Blue River, the city is the county seat of Henry County. New Castle is home to New Castle Fieldhouse, the largest high school gymnasium in the world. The city is surrounded by agricultural land. In the past, it was a manufacturing center for the production of sheet iron and steel, automobiles, caskets, clothing, scales, bridges, pianos, furniture, handles, shovels, lathes, bricks, and flour. Starting in the early 20th century, it was known as the Rose City, at one point having 100 florists and numerous growers. According to the 2020 census, the population was 17,396. New Castle Correctional Facility, with a capacity of over 3,500 inmates, is located just north of the city. History New Castle was platted in 1823, and named after New Castle, Kentucky. A post office was established at New Castle in 1823. The Maxwell automobile factory, later owned and operated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frank Hahn
Frank Horace Hahn FBA (26 April 1925 – 29 January 2013) was a British economist whose work focused on general equilibrium theory, monetary theory, Keynesian economics and critique of monetarism. A famous problem of economic theory, the conditions under which money, which is intrinsically worthless, can have a positive value in a general equilibrium, is called " Hahn's problem" after him. One of Hahn's main abiding concerns was the understanding of Keynesian (Non-Walrasian) outcomes in general equilibrium situations. Biography Early life and education Frank Hahn was born on 26 April 1925 in Berlin to Arnold and Maria Hahn, their roots in German and Czech speaking Jewish communities respectively. Arnold Hahn was a chemist by profession and a writer. Arnold and Maria Hahn with their two sons, Peter and Frank, moved to Prague in 1931 (or possibly 1934) and left for England in 1938. Frank's older brother was Peter Hahn (8 November 1923 – 28 August 2007) who became an eminent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parameters
A parameter (), generally, is any characteristic that can help in defining or classifying a particular system (meaning an event, project, object, situation, etc.). That is, a parameter is an element of a system that is useful, or critical, when identifying the system, or when evaluating its performance, status, condition, etc. ''Parameter'' has more specific meanings within various disciplines, including mathematics, computer programming, engineering, statistics, logic, linguistics, and electronic musical composition. In addition to its technical uses, there are also extended uses, especially in non-scientific contexts, where it is used to mean defining characteristics or boundaries, as in the phrases 'test parameters' or 'game play parameters'. Modelization When a system is modeled by equations, the values that describe the system are called ''parameters''. For example, in mechanics, the masses, the dimensions and shapes (for solid bodies), the densities and the viscosities ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycle
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms. There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth. More satisfactory classifications are provided by, first including more economic indicators and second by looking for more data patterns than the two quarter definition. In the United States, the National Bureau of Economic Research oversees a Business Cycle Dating Committee that defines a recession as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Business cycles are usually thought of as medium-term ev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Growth
In economics, economic growth is an increase in the quantity and quality of the economic goods and Service (economics), services that a society Production (economics), produces. It can be measured as the increase in the inflation-adjusted Output (economics), output of an economy in a given year or over a period of time. The rate of growth is typically calculated as List of countries by real GDP growth rate, real gross domestic product (GDP) growth rate, List of countries by real GDP per capita growth, real GDP per capita growth rate or List of countries by GNI per capita growth, GNI per capita growth. The "rate" of economic growth refers to the Exponential growth, geometric annual rate of growth in GDP or GDP per capita between the first and the last year over a period of time. This growth rate represents the trend in the average level of GDP over the period, and ignores any fluctuations in the GDP around this trend. Growth is usually calculated in "real" value, which is real v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goodwin Model (economics)
The Goodwin model, sometimes called Goodwin's class struggle model, is a model of endogenous economic fluctuations first proposed by the American economist Richard M. Goodwin in 1967. It combines aspects of the Harrod–Domar growth model with the Phillips curve to generate endogenous cycles in economic activity (output, unemployment and wages) unlike most modern macroeconomic models in which movements in economic aggregates are driven by exogenously assumed shocks. Since Goodwin's publication in 1967, the model has been extended and applied in various ways. Model The model is derived from the following assumptions: # there is steady growth of labour productivity (e.g. by technological improvement); # there is steady growth of the labour force (e.g. by births); # there are only two factors of production: labour and capital; # workers completely consume their wages, and capitalists completely invest their profits; # the capital-output ratio is constant (i.e. a fixed amount of ou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Predator-prey Model
Predation is a biological interaction in which one organism, the predator, kills and eats another organism, its prey. It is one of a family of common List of feeding behaviours, feeding behaviours that includes parasitism and micropredation (which usually do not kill the Host (biology), host) and parasitoidism (which always does, eventually). It is distinct from Scavenger, scavenging on dead prey, though many predators also scavenge; it overlaps with Herbivore, herbivory, as Seed predation, seed predators and destructive frugivores are predators. Predation behavior varies significantly depending on the organism. Many predators, especially carnivores, have evolved distinct hunting strategy, hunting strategies. Pursuit predation involves the active search for and pursuit of prey, whilst ambush predation, ambush predators instead wait for prey to present an opportunity for capture, and often use stealth or aggressive mimicry. Other predators are opportunism, opportunistic or om ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Population Dynamics
Population dynamics is the type of mathematics used to model and study the size and age composition of populations as dynamical systems. Population dynamics is a branch of mathematical biology, and uses mathematical techniques such as differential equations to model behaviour. Population dynamics is also closely related to other mathematical biology fields such as epidemiology, and also uses techniques from evolutionary game theory in its modelling. History Population dynamics has traditionally been the dominant branch of mathematical biology, which has a history of more than 220 years,Malthus, Thomas Robert. An Essay on the Principle of Population: Library of Economics although over the last century the scope of mathematical biology has greatly expanded. The beginning of population dynamics is widely regarded as the work of Malthus, formulated as the Malthusian growth model. According to Malthus, assuming that the conditions (the environment) remain constant ('' ceteris pari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nonlinear Dynamics
In mathematics and science, a nonlinear system (or a non-linear system) is a system in which the change of the output is not proportional to the change of the input. Nonlinear problems are of interest to engineers, biologists, physicists, mathematicians, and many other scientists since most systems are inherently nonlinear in nature. Nonlinear dynamical systems, describing changes in variables over time, may appear chaotic, unpredictable, or counterintuitive, contrasting with much simpler linear systems. Typically, the behavior of a nonlinear system is described in mathematics by a nonlinear system of equations, which is a set of simultaneous equations in which the unknowns (or the unknown functions in the case of differential equations) appear as variables of a polynomial of degree higher than one or in the argument of a function which is not a polynomial of degree one. In other words, in a nonlinear system of equations, the equation(s) to be solved cannot be written as a line ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Self-oscillation
Self-oscillation is the generation and maintenance of a periodic motion by a source of power that lacks any corresponding periodicity. The oscillator itself controls the phase with which the external power acts on it. Self-oscillators are therefore distinct from forced and parametric resonators, in which the power that sustains the motion must be modulated externally. In linear systems, self-oscillation appears as an instability associated with a negative damping term, which causes small perturbations to grow exponentially in amplitude. This negative damping is due to a positive feedback between the oscillation and the modulation of the external source of power. The amplitude and waveform of steady self-oscillations are determined by the nonlinear characteristics of the system. Self-oscillations are important in physics, engineering, biology, and economics. History of the subject The study of self-oscillators dates back to the early 1830s, with the work of Robert Wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Cycle
Business cycles are intervals of general expansion followed by recession in economic performance. The changes in economic activity that characterize business cycles have important implications for the welfare of the general population, government institutions, and private sector firms. There are many definitions of a business cycle. The simplest defines recessions as two consecutive quarters of negative GDP growth. More satisfactory classifications are provided by, first including more economic indicators and second by looking for more data patterns than the two quarter definition. In the United States, the National Bureau of Economic Research oversees a Business Cycle Dating Committee that defines a recession as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales." Business cycles are usually thought of as medium-term ev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
