Dynamic Economic Systems by Unknown

Author:Unknown
Language: eng
Format: epub
Publisher: Routledge
Published: 2019-05-22T16:00:00+00:00

Figure 10.1 The limit cycle of the Hicks model, for two different values of the accelerator coefficient v, namely, v = 1.5 and v = 3.0. National income Y(t) is plotted against the time elapsed since the start of the cycle (thus t = 0 in this figure corresponds to the following time values in Table 10.1: to t = 15 for v = 1.5, and to t = 13 for v = 3.0). The values of Y(t) are taken from Table 10.1. Only Y-values at the marked points (at integral values of the time coordinate) are meaningful. The straight line segments connecting these points in the figure are only to aid the eye and have no economic significance in the Hicks model. In spite of the vast difference between v = 1.5 and v = 3.0 in the linear case (in the Samuelson model), there is rather little difference for the non-linear case (the Hicks model).

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