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Mathematical Theory of General Systems and Some Economic Problems

  • Mihajlo D. Mesarovic
Part of the Lecture Notes in Operations Research and Mathematical Economics book series (LNE, volume 11/12)

Abstract

Applications of quantitative methods for the explanation of the economic phenomena and indeed for the decision-making in the economic sphere is not a novel development. Traditionally, these approaches were based on the analogies and mathematical theories in physical sciences. In the last two decades a new branch of applied mathematics dealing with the problems of information processing and decision-making (or control) has been under very rapid development. In general, this development was motivated by the problems of automation in a broad sense (in industry, business and administration) i.e., with the substitution by machinery (i.e., computers) of the activities traditionally in the domain of human intelligence. To be able to use the machine effectively one has to rely to a lesser degree on the intuitive understanding and will have to make explicit many tacitly assumed conditions and circumstances. This, of course, requires the development of a formal framework. The importance of the information processing and decision-making theories economic problems was immediately apparent to the theoretically inclined economists. Indeed, some of the problems in the theory of decision-making, notably in the area of mathematical programming, were formulated and developed to deal with economic problems. However, other aspects such, as the theory of control of dynamical systems, the theory of finite state systems (automata) and in particular, areas dealing with non-numerical problems such as theory of algorithms have yet to find their application to economic problems.

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© Springer-Verlag Berlin Heidelberg 1969

Authors and Affiliations

  • Mihajlo D. Mesarovic

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