Berlin 2015 – scientific programme

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SOE: Fachverband Physik sozio-ökonomischer Systeme

SOE 22: Economic Models

SOE 22.2: Talk

Thursday, March 19, 2015, 15:15–15:30, MA 001

Constrained Dynamic Models (CD-Models) in Economics as a Unification of commonly used Economic Models — •Erhard Glötzl — Karl-Kautsky-Weg 26, A-4040 Linz, Austria

Constrained dynamics are well known from classical Mechanics. Identifying *economical forces* with physical forces, *economical power* with the reziproke value of mass and realizing that economical constraints mostly are given by accounting identities one can transform the concept of constraint dynamics to economic models. It can be shown, that commonly used economic models such as Classic, Neoclassic, GE, DSGE, Keynesian, Post-Keynesian, ABM and SFC models can be interpreted as special cases of CD-Models. CD-Models thereby provide the basis for a wide variety of different closures of economic models, which are ultimately the result of different assumptions about the power relations between economic agents.