WILLIAM J. BAUMOL

ECONOMIC DYNAMICS

WILLIAM J. BAUMOL,(ECONOMIC DYNAMICS)
Economic dynamics is the study of the rate and direction of change in an economy1. It deals with whether an economic system in disequilibrium reaches an equilibrium position, how long it takes, and the path it follows to do such2. Economic variables like population, capital, techniques of production, fashions, habits, etc...

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