Learning in Economics

Katalin Martinas
Department of Atomic Physics, ELTE, Budapest
martinas@ludens.elte.hu


Adaptation of an economy to the technological change is investigated in an agent based irreversible microeconomic model. The main concern is to find the link between technological change - monetary policy and the growth rate. The results show that the "technology" defines an interest rate, which leads to a stable exponential growth. Other interest rates lead to growth with limited stability in accordance to the "Golden Rule" of von Neumann.
 

References:
(1) Katalin Martinás: About Irreversibility in Economics, Open Sys. and Information Dyn. 7, 1-15, 2000.
(2) Zsolt Gilányi, Martinás Katalin: An Irreversibile Economic Approach to the Theory of Production, Open Sys. and Information Dyn. 7, 1-15, 2000.
(3) John von Neumann: A Model of General Economic Equilibrium", 1937, in K. Menger, editor,Ergebnisse eines mathematischen Kolloquiums, 1935-36.