Cybernetics of Economic Systems
- 1 January 1971
- journal article
- Published by Institute of Electrical and Electronics Engineers (IEEE) in IEEE Transactions on Systems, Man, and Cybernetics
- Vol. SMC-1 (1) , 8-18
- https://doi.org/10.1109/TSMC.1971.5408598
Abstract
Techniques and concepts from cybernetics and engineering are used to combine partial models from economic literature into a more comprehensive macroeconomic model. The resulting linear model is capable of exhibiting short-period inventory cycles and long-period fixed capital investment cycles around a long-term constant growth rate trend. The rate of growth of total production is controlled by a monetary mechanism which links innovative investment to the level of unemployment.Keywords
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