Theory of Technical Change and Economic Invariance: Application of Lie Groups - Softcover

Sato, Ryuzo

9781483246161: Theory of Technical Change and Economic Invariance: Application of Lie Groups

Softcover

ISBN 10: 1483246167 ISBN 13: 9781483246161

Publisher: Academic Press, 2014

This revised edition of Ryuzo Sato's seminal work illustrates the timeless nature of his contribution to economics. It is as pertinent today as when it was originally conceived, over twenty years ago. This book deals with a variety of topics in economic theory, ranging from the analysis of production functions to the general recoverability problem of optimal dynamic behavior. They are unified in the theme of `transformation and invariance'. This book demonstrates the first application of the Lie theory to modern economics and provides a revealing analysis of market behavior and economic invariance. This book will be of interest to scholars of industrial economics, innovation, econometrics and microeconomics.

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Review:

`Not until economists have given his impressive treatise a thorough reading shall we be in a position to put useful bounds on the value added to economics by this powerful and elegant technique. The ball is now in our court.' -- From the original preface by Paul A. Samuelson `Ryuzo Sato is a mathematical pioneer, and when Lie group theory is finally recognized as the natural language for the discussion of technical change and many other pivotal questions in the behavior of maximizing systems, this book will be seen as providing the foundation for the new approach.' -- Tom Russell, Santa Clara University, US

About the Author:

Ryuzo Sato, C.V. Starr Professor of Economics and Director of the Center for Japan-US Business and Economic Studies, Leonard Stern School of Business, New York University, US

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