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010 a| 2005048435;

020 a| 9781845422721;

020 a| 1845422724 (Trade Cloth)c| USD 95.00 Retail Price (Publisher)9| Active Record;

035 a| (WaSeSS)ssj0000214787;

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049 a| EREEa| NEHH;

050 0 a| HB172.A934 2005;

082 00 a| 338.52| 22;

100 1 a| Ayres, Robert U.e| Author=| ^A15916;

245 10 a| On the Reappraisal of Microeconomicsh| [electronic resource]:b| Economic Growth and Change in a Material Change;

260 a| Northampton : b| Edward Elgar Publishing, Incorporated;

300 a| 224 p.b| illc| 09.250 x 06.130 in.;

506 a| Available only to authorized users.;

520 8 a| Annotationb| The authors present a new approach to non-equilibrium microeconomics that applies equally to production, trade and consumption, and that is also consistent with the laws of thermodynamics. This new theory is not limited to equilibrium or near-equilibrium conditions. The core of the theory is proof that, for each agent (firm or individual), there exists an unique function of goods and money (denoted Z) that can be interpreted as subjective wealth for an individual or the owners of a firm. Exchanges may occur only when both parties enjoy an increase in subjective wealth as a consequence. On average, this Z-function will increase over time if, and only if, the agent obeys a simple decision rule in all economic transactions: namely to `avoid avoidable losses', or AAL, it being understood that some losses are unavoidable. Dynamic equations describing growth (or decline) can be derived simply by calculating time derivatives of a wealth function, without the need for constrained maximization of an integral of utility (or some surrogate) BM_1_over time. The Z-function also has a number of other interesting properties that can be used for multi-agent and multi-sectoral simulation models to explore a variety of economic situations that cannot be addressed so easily using conventional methods.;

538 a| Mode of access: World Wide Web;

650 4 a| Microeconomics;

650 4 a| Economic Development;

655 0 a| Electronic books.=| ^A491897;

700 1 a| Martinás, K.e| Author?| UNAUTHORIZED;

856 40 z| Full text available from eBooks on EBSCOhostu| https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=142511&scope=site&custid=s5822723&authtype=ip,shib;

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596 a| 1 3 4;

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On the Reappraisal of Microeconomics Economic Growth and Change in a Material Change

Author/creator	Ayres, Robert U. Author
Other author	Martinás, K. Author
Format	Electronic
Publication Info	Northampton : Edward Elgar Publishing, Incorporated
Description	224 p. ill 09.250 x 06.130 in.
Supplemental Content	Full text available from eBooks on EBSCOhost
Subjects	Microeconomics Economic Development

Summary	Annotation The authors present a new approach to non-equilibrium microeconomics that applies equally to production, trade and consumption, and that is also consistent with the laws of thermodynamics. This new theory is not limited to equilibrium or near-equilibrium conditions. The core of the theory is proof that, for each agent (firm or individual), there exists an unique function of goods and money (denoted Z) that can be interpreted as subjective wealth for an individual or the owners of a firm. Exchanges may occur only when both parties enjoy an increase in subjective wealth as a consequence. On average, this Z-function will increase over time if, and only if, the agent obeys a simple decision rule in all economic transactions: namely to `avoid avoidable losses', or AAL, it being understood that some losses are unavoidable. Dynamic equations describing growth (or decline) can be derived simply by calculating time derivatives of a wealth function, without the need for constrained maximization of an integral of utility (or some surrogate) BM_1_over time. The Z-function also has a number of other interesting properties that can be used for multi-agent and multi-sectoral simulation models to explore a variety of economic situations that cannot be addressed so easily using conventional methods.
Access restriction	Available only to authorized users.
Technical details	Mode of access: World Wide Web
Genre/form	Electronic books.
LCCN	2005048435
ISBN	9781845422721
ISBN	1845422724 (Trade Cloth) Active Record
Stock number	00123902

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On the Reappraisal of Microeconomics Economic Growth and Change in a Material Change

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