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Feedback and the problem of Stability in a Single Market

  • Martin J. Beckmann
Conference paper
Part of the Lecture Notes in Operations Research and Mathematical Economics book series (LNE, volume 11/12)

Abstract

A system is said to be in an equilibrium when there is no tendency for a change. The equilibrium is stable when this equilibrium will be reached from every initial position in a certain neighborhood of the equilibrium. Now, stability is a property of system movements that is of the adjustment processes. As we admit more general types of behavior the chance of instability is increased.

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References

  1. |1|.
    Tustin, A., The Mechanism of Economic Systems, London 1953Google Scholar
  2. |2|.
    Phillips, A.W., Stabilisation Policy in a Closed Economy, Economic Journal, 64 (1954) 290–323.CrossRefGoogle Scholar

Copyright information

© Springer-Verlag Berlin Heidelberg 1969

Authors and Affiliations

  • Martin J. Beckmann

There are no affiliations available

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