| Document Type
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BL
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| Record Number
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750065
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| Doc. No
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b570024
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| Main Entry
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Albrecht Ritschl.
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| Title & Author
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Prices and production : : elements of a system-theoretic perspective\ Albrecht Ritschl.
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| Publication Statement
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Heidelberg : Physica-Verlag, ©1989.
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| Series Statement
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Contributions to economics.
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| Page. NO
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(ix, 159 pages) : illustrations
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| ISBN
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3642537162
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: 9783642537165
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| Contents
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O. Introduction --; 1. Time in the Economic Equations of Prices and Production --; 1.1. Production Equations --; 1.2. Price Equations --; 2. The System of Economic Quantity and Price Equations --; 2.1. Quantity Equations --; 2.2. Price Equations --; 2.3. Some Amplifications of the System --; 3. Prices and Production in Economic Theory --; 3.0. Introduction --; 3.1. Simultaneous-Equations Systems --; 3.2. Difference Equation Systems --; 3.3. Conclusion (The Problem of Control II): The Generalized Transformation Problem of Value Theory.
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| Abstract
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This book presents a system-theoretic foundation of the theory of price formation and production. System theory is shown to constitute a common framework to a variety of seemingly different approaches to that field. The author is able to demonstrate that traditional Walrasian theory is intertemporally inconsistent while the systems of intertemporal equilibrium, both neo-classical and neo-Ricardian, are shown to merely emphasize different aspects of the same underlying structure, irrespective of their rivaling claims to generality. The method employed by the author also proves useful in a variety of applications, e.g. input-output theory, the incorporation of durable capital and the analysis of Marxist theory. Problems of empirical analysis and of control are also briefly discussed. Adjustment processes are provided for both cross-section data and time-series observations of varying period length. As to control, it is shown that contrary to conventional view, control over the economy by the price mechanism becomes rather uncertain and incomplete when analysed from a thoroughly dynamic point of view. A pioneering study which is indispensable to both teachers and researchers in the fields of economic dynamics, input-output theory, and general equilibrium.
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| Subject
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Preistheorie
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| Subject
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Prices -- Mathematical models.
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| Subject
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Production functions (Economic theory)
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| LC Classification
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HB221.A437 1989
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| Added Entry
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Albrecht Ritschl
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