The aim of this paper is to explore under which conditions a representative agent (RA) model is able to correctly approximate the output of a more realistic model based on the "true" assumption of many interacting agents. The starting point is the widespread Keynesian cross diagram, which is...

In Part One of this paper we use the harmonic analogy of a musical octave to analyze mathematic ratios of U.S. real GNP. These ratios are generated by bringing together figures for U.S. real GNP over intervals of time – “spreads of years” – as numerator and denominator in a single...

This book is about the construction of reality. The central aim of this study is to understand how gravity works and how it may be focused and manipulated. While I do not have an answer to this question, the discoveries along the way have been worth collecting into a single volume for future...

This paper studies the links between the descriptions of macroeconomic variables and statistical moments of market trade, price, and return. The randomness of market trade values and volumes during the averaging interval Δ results in the random properties of price and return. We describe how...

Serbian. U radu se istražuju odnosi u društvenoj reprodukciji posredstvom reprodukcione celine opšteg tipa – primarnog, sekundarnog i tercijarnog sektora. Na nivou ovih sektora, definisanih na način uobičajen u ekonomskoj literaturi (primarni: poljoprivreda i šumarstvo; sekundarni:...

Macroeconomics has been often criticized for being useless particularly since the Great Recession. In this paper, I show that macroeconomics is still important, useful, and needed on the basis of the concept of a “Nash equilibrium of a Pareto-inefficient path” (NEPIP). On a NEPIP, the...

We consider the randomness of market trade as the origin of price and return stochasticity. We look at time series of trade values and volumes as random variables during the averaging interval Δ and describe the dependences of market-based volatilities of price and return on the volatilities...

In this paper, the various economic and social factors that have characterized the development history of Bangladesh are analyzed to provide an understanding of the backward, the post-independence period, resilience, and success story of this South Asian country. The social, political, and...