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A new paradigm for modelling hysteresis in macroeconomic flows

โœ Scribed by R. Cross; H. McNamara; A. Pokrovskii; D. Rachinskii

Publisher
Elsevier Science
Year
2008
Tongue
English
Weight
392 KB
Volume
403
Category
Article
ISSN
0921-4526

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โœฆ Synopsis

Macroeconomic processes are often conceptualised as ''flows'', and analogies are drawn with physical flow processes. Most economic processes, however, carry inherent irreversibility, a fact which these analogies neglect. A better metaphor for economic flows is suggested, involving flows through porous media. This new conceptual framework incorporates important features such as irreversibility and heterostasis through the use of hysteresis. A simple example model is derived, which may be used to derive qualitative results.

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