Applications of a constrained mechanics methodology in economics
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F11%3A00174383" target="_blank" >RIV/62156489:43110/11:00174383 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Applications of a constrained mechanics methodology in economics
Original language description
The paper presents instructive interdisciplinary applications of constrained mechanics calculus in economics on a level appropriate for the undergraduate physics education. The aim of the paper is: 1. to meet the demand for illustrative examples suitablefor presenting the background of the highly expanding research field of econophysics even on the undergraduate level and 2. to enable the students to understand deeper the principles and methods routinely used in mechanics by looking at the well known methodology from the different perspective of economics. Two constrained dynamic economic problems are presented using the economic terminology in an intuitive way. First, the Phillips model of business cycle is presented as a system of forced oscillations and the general problem of two interacting economies is solved by the nonholonomic dynamics approach. Second, the Cass-Koopmans-Ramsey model of economical growth is solved as a variational problem with a velocity dependent constraint us
Czech name
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Czech description
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Classification
Type
J<sub>x</sub> - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)
CEP classification
BB - Applied statistics, operational research
OECD FORD branch
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Result continuities
Project
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Continuities
Z - Vyzkumny zamer (s odkazem do CEZ)
Others
Publication year
2011
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Name of the periodical
European Journal of Physics
ISSN
0143-0807
e-ISSN
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Volume of the periodical
32
Issue of the periodical within the volume
6
Country of publishing house
GB - UNITED KINGDOM
Number of pages
21
Pages from-to
1443-1463
UT code for WoS article
296381500007
EID of the result in the Scopus database
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