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Cybernetics of Economic Systems

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1 Author(s)
Runyan, Harry M. ; Systems Management Corporation, Boston, Mass. 02108.

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.

Published in:

Systems, Man and Cybernetics, IEEE Transactions on  (Volume:SMC-1 ,  Issue: 1 )