A model of Austrian economicsThe functioning of the model
A model of Austrian economics: The functioning of the model
Hagedorn, Hendrik
2014-08-12 00:00:00
[The essence of this model is that the agents have certain reaction functions that enable them to effectively pursue their pre-defined goals. The agents achieve these goals through action and through interaction with other agents. In their actions, agents create and respond to markets. And while no agent is able to upturn an entire market each action nonetheless has an effect on the structure of that market.]
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A model of Austrian economicsThe functioning of the model
[The essence of this model is that the agents have certain reaction functions that enable them to effectively pursue their pre-defined goals. The agents achieve these goals through action and through interaction with other agents. In their actions, agents create and respond to markets. And while no agent is able to upturn an entire market each action nonetheless has an effect on the structure of that market.]
Published: Aug 12, 2014
Keywords: Interest Rate; Price Level; Time Preference; Capital Accumulation; Consumer Good
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