Economic Control Structures

A Non-Walrasian Approach


  • B. Martos, Institute of Economics, Hungarian Academy of Sciences, Budapest, Hungary

This monograph is the result of research work carried out over a decade with the purpose of adopting a new approach to the theory of economic mechanisms. The study focuses on economies which are not in and do not tend to Walrasian equilibrium. Both formal mathematics and verbal argumentation have been used by the author to explain a more general theory of economic mechanisms.
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Book information

  • Published: June 1990
  • Imprint: NORTH-HOLLAND
  • ISBN: 978-0-444-87411-5

Table of Contents

Introduction to Economic Systems and Mathematical Control Theory. Motivations, Goals, Instruments. The Economic System. The Economic Control: Principles and Experiences. Control Structures: Vegetative Functioning and Coordination. Systems Control. State Equations of the Transfer Element and the Control Circuit. Stability and Viability. Bibliographical Notes to Part One. The Control of an Open Leontief-Economy Without Coordination. The Common Real Sphere and the Common form of the Behavioural Equations. The Stock Signal (Model S). The Order Signal (Model B). The Combination of Stock and Order Signals (Model SB). The Commercial Stock Signal (Model C). The Supply-Side Price Signal (Model P). Summary of Part Two. Bibliographical Notes to Part Two. Equivalent Controllers, Partial Coordination. The Laplace Transformation. Equivalence of Controllers. Partially Coordinated Equivalent Controllers (Model E). Summary of Part Three. Afterword: Equilibria with Rationing Reconsidered. Bibliographical Notes to Part Three. References. Index.