Theory of Technical Change and Economic Invariance

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Theory of Technical Change and Economic Invariance

Application of Lie Groups

9781840640779 Edward Elgar Publishing
Ryuzo Sato, C.V. Starr Professor of Economics and Director of the Center for Japan-US Business and Economic Studies, Leonard Stern School of Business, New York University, US
Publication Date: 1999 ISBN: 978 1 84064 077 9 Extent: 456 pp
This revised edition of Ryuzo Sato’s seminal work illustrates the timeless nature of his contribution to economics. It is as pertinent today as when it was originally conceived, over twenty years ago.

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Critical Acclaim
Contents
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This revised edition of Ryuzo Sato’s seminal work illustrates the timeless nature of his contribution to economics. It is as pertinent today as when it was originally conceived, over twenty years ago.

This book deals with a variety of topics in economic theory, ranging from the analysis of production functions to the general recoverability problem of optimal dynamic behavior. They are unified in the theme of ‘transformation and invariance’. This book demonstrates the first application of the Lie theory to modern economics and provides a revealing analysis of market behavior and economic invariance.

This book will be of interest to scholars of industrial economics, innovation, econometrics and microeconomics.
Critical Acclaim
‘Not until economists have given his impressive treatise a thorough reading shall we be in a position to put useful bounds on the value added to economics by this powerful and elegant technique. The ball is now in our court.’
– From the original preface by Paul A. Samuelson

‘Ryuzo Sato is a mathematical pioneer, and when Lie group theory is finally recognized as the natural language for the discussion of technical change and many other pivotal questions in the behavior of maximizing systems, this book will be seen as providing the foundation for the new approach.’
– Tom Russell, Santa Clara University, US
Contents
Contents: Preface 1. An Overview 2. Holotheticity of a Technology 3. A Theory of Endogenous Technical Progress 4. “G-Neutral” Technical Change, Comparative Statics, and Integrability Conditions 5. Holotheticity of an Implicit Technology 6. Self-Dual Preferences and Technologies 7. Dynamic Symmetries and Economic Conservation Laws 8. A Lie Group Approach to the Index Number Problems 9. The Group Structure and the Theory of Observable Market Behavior Appendix: A Brief Survey of Lie’s Theory of Continuous Transformation Groups Index

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