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SOE: Fachverband Physik sozio-ökonomischer Systeme

SOE 8: Poster

SOE 8.4: Poster

Montag, 16. März 2015, 18:00–20:00, Poster E

Constrained Dynamic Models (CD-Models) in Economics as a missing link 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 provide the basis for a variety of different closures of economic models, which are ultimately the result of different assumptions about the power relations between economic agents.