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Erschienen in:
2011 | OriginalPaper | Buchkapitel
16. Difference Equations
verfasst von : Kamran Dadkhah
Erschienen in: Foundations of Mathematical and Computational Economics
Verlag: Springer Berlin Heidelberg
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Abstract
Change is the essence of economic life. Production, income, prices, money in circulation, exchange rates, and other economic variables are increasing or decreasing all the time. Jobs are created and destroyed, some activities and products disappear, and new ones replace them. On a longer horizon, economic institutions undergo gradual evolution and sometimes abrupt changes. Yet it is rare that we observe a clean break with the past as if yesterday did not exist. The past exerts an influence on the present.