Abstract
In electric circuit theory and in other applications of closed-loop control systems, engineers deal with models similar to those discussed above in the economic field. They find it convenient to represent their systems in schematic form, a visual representation of the equations of the system. The models are characterised by inter-dependence of the variables, by equations both numerous and complex. The schematic diagram, at least, helps to disentangle the relationships.
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© 1959 R. G. D. Allen
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Allen, R.G.D. (1959). Economic Regulation: Closed-Loop Control Systems. In: Mathematical Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-81547-0_9
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DOI: https://doi.org/10.1007/978-1-349-81547-0_9
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