Skip to main content Accessibility help
×
Hostname: page-component-77c89778f8-vsgnj Total loading time: 0 Render date: 2024-07-25T03:49:56.257Z Has data issue: false hasContentIssue false

10 - Mechanical models in economic dynamics

Published online by Cambridge University Press:  04 May 2010

Robert Leeson
Affiliation:
Murdoch University, Western Australia
Get access

Summary

There has been an increasing use in economic theory of mathematical models, usually in the form of difference equations, sometimes of differential equations, for investigating the implications of systems of hypotheses. However, those students of economics who, like the present writer, are not expert mathematicians, often find some difficulty in handling these models effectively. This article describes an attempt to develop some mechanical models which may help non-mathematicians by enabling them to see the quantitative changes that occur in an interrelated system of variables following initial changes in one or more of them. One model has been made for the University of Leeds, a second and improved version is now being made for the London School of Economics.

Fundamentally, the problem is to design and build a machine the operations of which can be described by a particular system of equations which it may be found useful to set up as the hypotheses of a mathematical model, in other words, a calculating machine for solving differential equations. Since, however, the machines are intended for exposition rather than accurate calculation, a second requirement is that the whole of the operations should be clearly visible and comprehensible to an onlooker. For this reason hydraulic methods have been used in preference to electronic ones which may have given greater accuracy and flexibility, the machines being made of transparent plastic (‘Perspex’) tanks and tubes, through which is pumped coloured water.

Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2000

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×