On a General Economic Theory of Motion
by M. J. P. Magill
I On the Origin of the Ideas -- 1. Origin in mathematical economics and mathematical physics. -- 2. Theory of motion in physics: Galileo, Newton, Euler, Lagrange, Hamilton. -- 3. Principle of Statics in economics and mechanics. -- 4. Idea of central principle of motion for economics. -- 5. Present theory differert from that of Samuelson and Hicks. -- 6. Ramsey’s equations of motion. -- 7. Fisher’s dynamical theory of valuation. -- 8. Duality between allocation and valuation in statics and dynamics. -- 9. Relation of present theory to dynamic programming and optimal control theory. -- 10. Conclusion -- II On the Objective Function of an Economic System -- 11. Importance of general theory of motion. -- 12. Influence of uncertainty on motion: first condition. -- 13. Concept of economic system. -- 14. Objective function and constraints: second condition. -- 15. Euler’s method eliminates the constraints. -- 16. First example, motion of corporation. -- 17. Second example, motion of aggregate economy. -- III On the Principle of Stationary Present Value -- 18. Basic motive underlying motion is summarised in Axiom of Rational Choice: third condition. -- 19. The basic Principle of Motion is the Principle of Stationary Present Value. -- 20. Pure Allocation Equations of motion. -- 21. Convexity condition. -- 22. Example, equations of motion of corporation. -- 23. Economic, interpretation. -- 24. Example, equations of motion of aggregate economy. -- 25. Relation of present theory to analytical mechanics; Principle of Stationary Action, Lagrange’s equations of motion -- IV On the Duality of Motion: Allocation and Valuation -- 26. Fisher’s dynamical theory of valuation: the Valuation Principle. -- 27. The Maximum Principle and the Dual Equations of motion. -- 28. Geometric interpretation of dual theory. -- 29. Example of geometric interpretation. -- 30. The Principal Function, the Present Value Function and the fundamental valuation equation. -- 31. Example, dual theory for corporation. -- 32. Example, dual theory for aggregate economy. -- 33. Relation of dual theory to canonical theory of motion in analytical mechanics: the canonical equations, the Action Function, and Hamilton-Jacobi equation. -- V On the Possibility of Wave Motion -- 34. Present Value surfaces propagate according to Huygens Principle. -- 35. Huygens Principle and duality. -- 36. Wave phenomena in optics and mechanics lead to wave optics and quantum mechanics. -- 37. Parallel between geometrical optics, classical mechanics and economic theory of motion suggests transition to wave theory of motion: the fundamental relations. -- 38. Derivation of wave equation for economic system. -- 39. Interpretation of square of wave function as probability function on co-ordinate space: the emergence of uncertainty. -- 40. Principle of Stationary Present Value derived from wave theory in small wavelength limit.
Year of publication: |
1970
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Authors: | Magill, M. J. P. |
Publisher: |
Berlin : Springer |
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