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Growth Theory, Nonlinear Dynamics And Economic Modelling

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Growth Theory, Nonlinear Dynamics And Economic Modelling

Scientific Essays of William Allen Brock

William A. Brock , W. D. Dechert

William Allen Brock, Vilas Research Professor of Economics, University of Wisconsin, Madison, US and a Member of the National Academy of Sciences Edited by W. Davis Dechert, Department of Economics, University of Wisconsin, US

2001 480 pp Hardback 978 1 85898 814 6
ebook isbn 9781782543046

Hardback £86.00 on-line price £77.40

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Series: Economists of the Twentieth Century series



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Description
‘Buz Brock’s contribution to economic theory in general and economic dynamics in particular are characterized by an unmatched richness of ideas and by deep theoretical, empirical as well as computational analysis. Brock’s contribution to economic dynamics range from one extreme of the field, global stability of stochastic optimal growth models, to another extreme, market instability and nonlinearity in economic and financial modelling and data analysis. But his work also includes environmental and economic policy issues and, more recently, the modelling of markets as complex adaptive systems. This collection of essays reflects Brock’s richness of ideas that have motivated economists for more than three decades already and will continue to influence many economists for the next decades to come.’
– Cars H. Hommes, University of Amsterdam, The Netherlands

‘Buz Brock has been, from the beginning of his career, one of the most original thinkers in dynamic economics. His early work showed that growth with random elements could be studied effectively and above all posed exactly the right questions. His more recent work has brought complexity theory to the fore and shown its implications for financial and other markets. In the process, he has both introduced and used econometric tools to show the relevance of his work to empirically observed phenomena. It is very useful to have his work in collected form.’
– Kenneth J. Arrow, Stanford University, US

This outstanding collection of William Brock’s essays illustrates the power of dynamic modelling to shed light on the forces for stability and instability in economic systems. The articles selected reflect his best work and are indicative both of the type of policy problem that he finds challenging and the complex methodology that he uses to solve them. Also included is an introduction by Brock to his own work, which helps tie together the main aspects of his research to date.

Contents
Contents: Introduction by W. Davis Dechert Introduction and Discussion by William Allen Brock Part I: Stochastic Models Part II: Financial Modelling and Related Macroeconomic Modelling Part III: Ecology, Mechanism Design and Regulation Part IV: Nonlinearity in Economics Index

Further information

‘Since the early 1970s Buz Brock has been a leading figure in economic theory. These essays reflect his enormous talent, great imagination and modelling skills, but they also reflect his dedication to produce economic models that are well motivated by data and that can be used to discuss substantive economic issues. All students of modern economics will benefit from studying the papers in this
collection.’
– Jose A. Scheinkman, Princeton University, US

‘Buz Brock has been for a long time, and still is a role model for all scientists that are truly dedicated to understanding the dynamic evolution of social systems (and, is there anything meaningful in the social systems without dynamics?). Reading through the essays collected in this beautifully edited book helps to understand why this is so and why his style of doing research should be looked at for a long time to come. His investigation spans a large variety of issues, both substantive and technical, theoretical and applied, methodological and policy-oriented. In each and every essay, Buz brings in a rare combination of talents: a clear and sharply inquisitive mind, a keen sense for the fundamental questions, a broad knowledge of the literature and the relevant facts and abundance of technical skills. All blended together by a passionate curiosity, which knows how to jump above and beyond disciplinary divisions and pre-established answers. His work has been path-breaking for more than thirty years now and is going to remain so for a while longer. Reading his work is sheer pleasure for an inquisitive mind.’
– Michele Boldrin, University of Minnesota, US

‘There is no better route to the understanding of modern dynamic economics, growth theory, and stochastic economic models than the study of the essays of William Brock. From his early contributions to the turnpike literature of optimal growth theory to his recent analysis of time series that may represent chaotic or stochastic processes, his work is characterized by surprising insights and useful results. There is no dross in his writing. He never speaks unless he has valuable knowledge to impart.’
– Lionel McKenzie, University of Rochester, US

‘Buz Brock’s contribution to economic theory in general and economic dynamics in particular are characterized by an unmatched richness of ideas and by deep theoretical, empirical as well as computational analysis. Brock’s contribution to economic dynamics range from one extreme of the field, global stability of stochastic optimal growth models, to another extreme, market instability and nonlinearity in economic and financial modelling and data analysis. But his work also includes environmental and economic policy issues and, more recently, the modelling of markets as complex adaptive systems. This collection of essays reflects Brock’s richness of ideas that have motivated economists for more than three decades already and will continue to influence many economists for the next decades to come.’
– Cars H. Hommes, University of Amsterdam, The Netherlands

‘Buz Brock has been, from the beginning of his career, one of the most original thinkers in dynamic economics. His early work showed that growth with random elements could be studied effectively and above all posed exactly the right questions. His more recent work has brought complexity theory to the fore and shown its implications for financial and other markets. In the process, he has both introduced and used econometric tools to show the relevance of his work to empirically observed phenomena. It is very useful to have his work in collected form.’
– Kenneth J. Arrow, Stanford University, US

This outstanding collection of William Brock’s essays illustrates the power of dynamic modelling to shed light on the forces for stability and instability in economic systems. The articles selected reflect his best work and are indicative both of the type of policy problem that he finds challenging and the complex methodology that he uses to solve them. Also included is an introduction by Brock to his own work, which helps tie together the main aspects of his research to date. The volume covers:

• stochastic models and optimal growth
• financial and macroeconomic modelling
• ecology, mechanism design and regulation
• nonlinearity in economics.



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