Abstract
In the early part of the 19th century William Rowan Hamilton discovered a principle which can be generalized to encompass many areas of physics, engineering and applied mathematics. Hamilton’s principle roughly states that the evolution in time of a dynamic system takes place in such a manner that integral of the difference between the kinetic and potential energies for the system is stationary. If the ‘action’ integral is free of the time variable, the sum of the kinetic and potential energies, the Hamiltonian, is constant—the conservation law of the total energy.
The author wishes to express his appreciation to Paul A. Samuelson, William A. Barnett, Hal R. Varian, Gilbert Suzawa, Takayuki Nôno, Fumitake Mimura, and Shigeru Maeda for their helpful comments on an earlier version of this chaper.
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Sato, R. (1990). The Invariance Principle and Income-Wealth Conservation Laws. In: Sato, R., Ramachandran, R.V. (eds) Conservation Laws and Symmetry: Applications to Economics and Finance. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-1145-6_4
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DOI: https://doi.org/10.1007/978-94-017-1145-6_4
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