search query: @indexterm Hysteresis / total: 10
reference: 4 / 10
| Author: | Katzner, D. |
| Title: | Hysteresis and the modeling of economic phenomena |
| Journal: | Review of Political Economy
1999 : APR, VOL. 11:2, p. 171-182 |
| Index terms: | POLITICAL ECONOMY MODELS HYSTERESIS |
| Language: | eng |
| Abstract: | Three definitions of hysteresis in dynamic economic models are considered in order of their increasing ability to project history onto the present in a significant way. The third of these definitions is based on the substitution of "historical" for "logical" time in the model's dynamic structure. On at least an information level, economists know that the history of past events has that impact on the present. The impact is also implicit in much of economic analysis. |
SCIMA