# Economic Dynamics, Linearities, and the Classical Mechanistic Worldview

## Abstract

Economics in its modern form was introduced as a serious and distinguished science during the second half of the 18th century. Unlike earlier attempts to understand economic phenomena (usually in the context of political economy like, *e.g*., mercantilism) the writings of Adam Smith or David Ricardo constitute the first successful approaches toward an abstract explanation of human economic behavior. One reason why economics emerged as a science in that particular period surely has to do with the expansion of capitalism in the advanced societies of that day and the increasing complexity of trade. It is not surprising that economics as a modern science originated in Great Britain, which not only is considered as the homeland of capitalistic production but which also had been the dominant factor in international trade for more than 150 years. Much of the early economists’ interest was therefore devoted to the major economic subjects of the day like the effects of international trade on the prosperity of the domestic economy.^{1}

### Keywords

Manifold Europe Trade Unionism sinO Baumol## Preview

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### References

- 1.In many cases, inquiries into international trade represent the renowned work of classical writers; for example, most economists will probably remember David Ricardo mainly for his investigations of comparative cost advantages rather than for his labor value theory.Google Scholar
- 2.Quoted from Crutchfield et al. (1986).Google Scholar
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**L**. Walras in Lausanne, had not published much on economic theory when he got his first academic appointment. However, Debreu’s (1986) statement that Walras and Pareto had published only novels and other belletristic literature before their first appointments is misleading.Google Scholar - 8.Walras’ German translator, L.v. Winterfeld, compared Walras with the astronomer J. Kepler: “chrw(133) Walras appears to me as the Kepler of economics, who incontestably and for all time proves the laws which once were suspected and expressed by (the) German scholarchrw(133) H.H. Gossen in the style of a Kopernikus.” Own translation from the German preface to Walras (1876) ( H.-W.L. )Google Scholar
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- 10.Cf. Fisher (1961), p. 25. Fisher himself attempted to develop a consistent value theory analogous to the theory of equilibrating water cisterns. He even constructed mechanical devices to illustrate his ideas.Google Scholar
- 11.Mill (1973), pp. 847f., emphases in original. For the purpose of this little excursion into the history of science, Mill’s Logic can be considered as the gap filling contribution between enlightenment philosophy, the methodology of the subsequent development of classical mechanics, and the methodology of economics and other social sciences.Google Scholar
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- 21.If the eigenvalues are identical, (1.2.9) must be replaced by x
_{1}(t) = (m_{1}+tm2)eatGoogle Scholar - 23.If both eigenvalues are identical the solution (1.2.20) must be replaced by xi = (m
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- 25.In fact, in some mathematical disciplines like game theory, optimal control, or fixed point problems, economists definitely belong to the pioneers in developing the appropriate mathematical apparatus which may be useful in other disciplines as well.Google Scholar
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- 29.Compare also Brock (1988b) for a discussion of Blatt’s results.
^{39}Cf. Gabisch/Lorenz (1989), pp. 49ff.Google Scholar