This is the substantially revised and restructured second edition of Ron Shone's successful advanced textbook Economic Dynamics. The book provides detailed coverage of dynamics and phase diagrams, including: quantitative and qualitative dynamic systems, continuous and discrete dynamics, linear and non-linear systems and single equation and systems of equations. It illustrates dynamic systems using Mathematica, Maple V and spreadsheets. It provides a thorough introduction to phase diagrams and their economic application and explains the nature of saddle path solutions. The second edition contains a new chapter on oligopoly and an extended treatment of stability of discrete dynamic systems and the solving of first-order difference equations. Detailed routines on the use of Mathematica and Maple are now contained in the body of the text, which now includes advice on the use of Excel and additional examples and exercises throughout. Supporting website contains solutions manual and learning tools.
• Revised, updated and class room tested 2nd edition of the successful Economic Dynamics • Stimulates learning through doing and experimentation • Learning package includes on-line solutions manual and tutors package
Preface to the second edition; Preface to the first edition; Part I. Dynamic Modelling: 1. Introduction; 2. Continuous dynamic systems; 3. Discrete dynamic systems; 4. Systems of first-order differential equations; 5. Discrete systems of equations; 6. Optimal control theory; 7. Chaos theory; Part II. Applied Economic Dynamics: 8. Demand and supply models; 9. Dynamic theory of oligopoly; 10. Closed economy dynamics; 11. The dynamics of inflation and unemployment; 12. Open economy dynamics: sticky price models; 13. Open economy dynamics: flexible price models; 14. Population models; 15. The dynamics of fisheries; Answers to selected exercises; Bibliography; Author index; Subject index.