Abstract
It is a fundamental fact that the non-equilibrium behaviour of an economy consists of long-term and short-term cycles (Keynes 1973; Hicks 1956) and fluctuating components. As a first approximation, the long- and short-term phenomena can be treated separately (Figure 1). In this contribution, we shall focus on short-term motions of the economy which manifest themselves in the macroeconomic variables. We aim to provide a partial theory for the non-equilibrium motion of an industrial system of nations or regions.
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Haag, G., Weidlich, W., Mensch, G. (1987). The Schumpeter Clock. In: Batten, D., Casti, J.L., Johansson, B. (eds) Economic Evolution and Structural Adjustment. Lecture Notes in Economics and Mathematical Systems, vol 293. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-02522-2_9
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DOI: https://doi.org/10.1007/978-3-662-02522-2_9
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