A Dynamic Approach to Economic Theory by P-TaylorFrancisI

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									A Dynamic Approach to Economic Theory
Author: Ragnar Frisch
Editor: Olav Bjerkholt
Editor: Duo Qin
Table of Contents

I. General Consideration on Statistics and Dynamics in Economics, 1. What is economic theory?, 2. A
discussion of the fundamental distinction between a static and a dynamic economic theory, 3. The static
and the dynamic conception of an equilibrium, 4. Structural, confluent and fictitious relations in economic
theory, II. Dynamic Formulation of Some Parts of Economic Theory, 5. A dynamic analysis of marginal
utility, 6. A dynamic formulation of the law of demand, 7. A simple case of steered oscillations. The
reaction problem, 8. A simple case of initiated oscillations, 9. Dynamic analysis of a closed economic
system, III. Statistical Verification of the Laws of Dynamic Economic Theory, 10. Types of clustering in
scatter diagrams and the non-significance of partial correlations, 11. General principles regarding the
possibility of determining structural relations from empirical observations, 12. The separation of short-time
and long-time components in an empirical time series, 13. The phase diagram. Phase elasticities and
structural elasticities. The comparison problem in time series components, 14. Critical remarks on some
of the recent attempts at statistical determination of demand and supply curves, 15. A new theory of
linear regression. The diagonal and the arithmetic mean regression. The invariance problem, 16. A
statistical analysis of selected groups of data by the methods developed in the present course
Description

This book contains a set of notes prepared by Ragnar Frisch for a lecture series that he delivered at Yale
University in 1930. The lecture notes provide not only a valuable source document for the history of
econometrics, but also a more systematic introduction to some of Frisch's key methodological ideas
than his other works so far published in various media for the econometrics community. In particular,
these notes contain a number of prescient ideas precursory to some of the most important notions
developed in econometrics during the 1970s and 1980s More remarkably, Frisch demonstrated a deep
understanding of what econometric or statistical analysis could achieve under the situation where there
lacked known correct theoretical models. This volume has been rigorously edited and comes with an
introductory essay from Olav Bjerkholt and Duo Qin placing the notes in their historical context.

								
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