Toward Formal Models of the Theoretical Framework of Fundamental Economics

• Autorzy: Wang Y.
• Języki publikacji: EN

Abstrakty

EN

Many fundamental theories and doctrines of micro- and macro-economics are not formally studied in economics. This paper presents a rigorous treatment and explanation of a set of fundamental empirical theories of economics. It is recognized that the adaptive equilibrium of market systems is rooted in the negative feedbackmechanisms of demands and supplies. A mathematical model of economic equilibrium developed in this paper provides a formal proof of Adam Smith's hypothesis of the 'invisible hand'. An economic equilibrium theorem is derived to deal with more complicated multivariable equilibrium problems that could not be handled in conventional economic theories. Then, a set of mathematical models is developed for dynamic cost analyses and the estimation of economical outcomes of engineering projects

Słowa kluczowe

EN

theoretical economics; mathematics models; formal explanation; invisible hand; equilibrium models; engineering economic analyses; complex economic systems

• Wydawca: IOS Press
• Czasopismo: Fundamenta Informaticae
• Rocznik: 2009
• Tom: Vol. 90, nr 4
• Strony: 443--459
• Opis fizyczny: bibliogr. 9 poz., tab., wykr.

Twórcy

autor

Wang Y.

• Schulich School of Engineering, University of Calgary, 2500 University Drive, NW, Calgary, Alberta, Canada T2N 1N4,

Bibliografia

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• [3] Maslow, A.H. (1970),Motivation and Personality, 2nd ed, Harper & Row, NY.
• [4] Park, C.S., R. Pelot, K.C. Porteous, and M.J. Zuo (2001), Contemporary Engineering Economics, 2nd ed., AddisonWesley Longman, Toronto, ON, Canada.
• [5] Slavin, S.L. (1988), Economics: A Self-Teaching Guide, JohnWiley & Sons, Inc., NY.
• [6] Smith, A. (1776), An Inquiry into the Nature and Causes of theWealth of Nations, Volumes 1 and 2,W. Strahan & T. Cadell, London.
• [7] Wang, Y. (2007a), Software Engineering Foundations: A Software Science Perspective, CRC Series in Software Engineering, Vol. II, Auerbach Publications, USA, July.
• [8] Wang, Y. (2007b), On the Cognitive Processes of Human Perception with Emotions, Motivations, and Attitudes, International Journal of Cognitive Informatics and Natural Intelligence, Oct., 1(4), 1-16.
• [9] Wang, Y. (2008), On Contemporary Denotational Mathematics for Computational Intelligence, Transactions of Computational Science, Springer, August, 2, 6-29.