Abstract
In his stimulating Nobel Prize Lecture, Paul Samuelson made the important point that there were interesting macrodynamic systems which could, in no sensible sense, be associated with maximization problems. The paradigmatic example he chose was the multiplier-accelerator system. In this paper I make an attempt to explore the connection between macrodynamics, rationality and computability against the backdrop provided by Samuelson's observation and Richard Goodwin's nonlinear methodological credo. It is shown that non-maximum, disequilibrium macrodynamics is perfectly consistent with standard rationality postulates.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
