When we approach the study of business cycle with the intention of carrying through an analysis that is truly dynamic and determinate in the above sense, we are naturally led to distinguish between two types of analyses: the micro-dynamic and the macro-dynamic types. The micro-dynamic analysis is an analysis by which we try to explain in some detail the behaviour of a certain section of the huge economic mechanism, taking for granted that certain general parameters are given. Obviously it may well be that we obtain more or less cyclical fluctuations in such sub-systems, even though the general parameters are given. The essence of this type of analysis is to show the details of the evolution of a given specific market, the behaviour of a given type of consumers, and so on.
Ragnar FrischRelated topics
above analysis approach business carrying certain cycle detail determinate dynamic essence evolution general given intention led less market mechanism section sense show specific study taking try type well behaviour detailsRelated quotes
Designed as a companion volume to the acclaimed Object-Oriented Analysis, this book focuses on the middle part of the software lifecycle: the activity of design. It shows readers how to apply object-oriented design, and how to tailor and expand the method to suit specific organization and project needs. Readers will explore the major issues in OOD; the role of OOD in the systems lifecycle; how to use graphical notation; strategies for creating design; and hints for evaluating the efficiency of a design created with OOD. For software engineers and other users undertaking real-world systems development projects and designing overall software architecture for systems will find this reference approach to improving systems design indispensable.
Ed Yourdon
When the moment arrives for taking decisions, facing responsibilities, entering upon sacrifices - decisions which ought to be taken before they are imposed, responsibilities which ought to be welcomed, for the initiative must be secured and the offensive launched - where should we find a man equal to these uncertain and dangerous tasks were it not among men of a superior stamp, men eager for responsibilities? He must indeed be a man who, being deeply imbued with a will to conquer, shall derive from that will (as well as from a clear perception of the only means that lead to victory) the strength to make an unwavering use of the most formidable rights, to approach with courage all difficulties and all sacrifices, to risk everything; even honour - for a beaten general is disgraced for ever.
Ferdinand Foch
By a ‘spontaneous disturbance' we shall mean any change in the underlying conditions, the cause of which we are prepared to take for granted and do not wish to examine, but the effect of which on the domestic and external position of our two countries we wish to examine. By a ‘policy' change we shall mean a change which the State or some public authority brings about as a result of a definite decision of State policy in order to achieve some given end of general economic policy and in particular to offset some of the effects of a ‘spontaneous disturbance'. Finally, by an ‘induced' change is meant a change in some quantity which occurs on purely commercial principles because of the repercussions of some previous ‘spontaneous' or ‘policy' change.
James Meade
The economic betterment of a nation which is at a low level of intelligence and culture, or in which the population is small in relation to the extent and productivity of its territory, is best accomplished through free trade with highly cultivated, rich, and industrious nations. In the case of such a country every restriction of trade, intended to plant manufacturing industry within its borders, is premature and injurious, not only to the welfare of mankind in general, but to the progress of the nation itself. Only when the intellectual, political, and economic education of the nation has so far advanced as a result of free trade that its further progress would be checked and hindered by the import of foreign manufactures and the lack of a sufficient market for its own goods, can protective measures be justified.
Friedrich List
With the publication of J. M. Keynes's General Theory in 1936 and the mathematical formalizations of his theory by J. R. Hicks (1937) and others, the language of macro-economic theory became systems of simultaneous equations. These are general equilibrium systems of interdependence in the sense that the relationships describe an entire national economy, not just a particular industry or sector. The systems are usually not completely closed; they depend on exogenous parameters including instruments controlled by policy-makers. Seeking definite relationships of economic outcomes to policies and other exogenous variables, qualitative and quantitative, these models sacrifice detail and generality, limiting the number of variables and equations by aggregations over agents, commodities, assets, and time.
James Tobin
