Economic Regulation: Closed-Loop Control Systems
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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