This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

This book is about the construction of reality. The central aim of this study is to understand how gravity works and how it may be focused and manipulated. While I do not have an answer to this question, the discoveries along the way have been worth collecting into a single volume for future...

In economics balance identities as e.g. C+K'-Y(L,K) = 0 must always apply. Therefore, they are called constraints. This means that variables C,K,L cannot change independently of each other. In the general equilibrium theory (GE) the solution for the equilibrium is obtained as an optimisation...

In economics balance identities as e.g. C+K'-Y(L,K) = 0 must always apply. Therefore, they are called constraints. This means that variables C,K,L cannot change independently of each other. In General Equilibrium Theory (GE), the solution for equilibrium is obtained as optimisation under the...

In economics balance identities as e.g. C+K'-Y(L,K)=0 must always apply. Therefore, they are called constraints. This means that variables C,K,L cannot change independently of each other. In general equilibrium theory (GE) the solution for the equilibrium is obtained as an optimisation under the...

It is not easy to numerically simulate the path to a steady state because there is no closed form solution in dynamic economic growth models in which households behave generating rational expectations. In contrast, it is easy if households are supposed to behave under the MDC (maximum degree of...

It is not easy to numerically simulate the path to a steady state because there is no closed form solution in dynamic economic growth models in which households behave generating rational expectations. In contrast, it is easy if households are supposed to behave under the MDC (maximum degree of...

For more than 100 years economists have tried to describe economics in analogy to physics, more precisely to classical Newtonian mechanics. The development of the Neoclassical General Equilibrium Theory has to be understood as the result of these efforts. But there are many reasons why General...

The measurement of economies no longer by GDP alone, but by an Index that includes other important factors as well, a Social factors relativized GDP. Social factors relativized GDP: GDP – GDP x GINI = K_Index Written differently: (1 – GINI) x GDP = K_Index Inflation indexed Version: (1 –...

The measurement of economies no longer by GDP alone, but by an Index that includes other important factors as well, a Social factors relativized GDP. Social factors relativized GDP: GDP – GDP x GINI = K_Index Written differently: (1 – GINI) x GDP = K_Index Inflation indexed Version: (1 –...