Economic Dynamics: Growth and Development

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This treatise deals with an important topic in economic theory: economic growth and development. It proposes an economic development theory within the framework of input-output systems and neo-classical economics. The standard topics in growth theory are re-examined in the light of newer results in nonlinear dynamic theory. There is a special emphasis on nonlinear unstable phenomena, such as bifurcations and structural changes. Bifurcation theory provides an efficient tool for dealing with nonlinear dynamic systems. The book also emphasizes the concepts of adjustment speed and time scale in order to explore connections of different growth theories in human literature.