Advances in Japanese Business and Economics

Symmetry and Economic Invariance

Authors: Sato, Ryuzo, Ramachandran, Rama V.

  • Demonstrates how group theory provides insights into the dynamics and the equilibriums of economic models
  • Provides an introduction to group theory for economists, assuming no prior knowledge
  • Presents a simple characterization of the equilibrium path of dynamic models
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Hardcover $129.00
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  • ISBN 978-4-431-54429-6
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  • Usually dispatched within 3 to 5 business days.
Softcover $129.00
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  • ISBN 978-4-431-56083-8
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
About this book

Symmetry and Economic Invariance (second enhanced edition) explores how the symmetry and invariance of economic models can provide insights into their properties. Although the professional economist of today is adept at many of the mathematical techniques used in static and dynamic optimization models, group theory is still not among his or her repertoire of tools. The authors aim to show that group theoretic methods form a natural extension of the techniques commonly used in economics and that they can be easily mastered. Part I provides an introduction that minimizes prerequisites including prior knowledge of group theory. Part II discusses recent developments in the field.

About the authors

Ryuzo Sato

Ryuzo Sato is C.V. Starr Professor Emeritus of Economics at the Stern School of Business, New York University. He was director of the Center for Japan–U.S. Business and Economic Studies at the Stern School. Prior to becoming a Stern faculty member, he was a professor of economics at Brown University. Professor Sato also taught at Harvard University, The University of Tokyo, Kyoto University, and Bonn University. He was the founding chief editor of Japan and the World Economy, an international theory and policy journal.

For more than 40 years, Professor Sato has divided his time between Japan and the USA, and he conducts research, gives lectures, and writes on the subject of Japan–US relations.

Recent work includes Biased Technical Change and Economic Conservation Laws (Springer, 2006), Growth Theory and Technical Change: The Selected Essays of Ryuzo Sato, vol. 1 (Edward Elgar, 1996), Production, Stability and Dynamic Symmetry: The Selected Essays of Ryuzo Sato, vol. 2 (Edward Elgar, 1999), and Theory of Technical Change and Economic Invariance: Application of Lie Groups (Academic Press, 1981; reprint, new version, Edward Elgar, 1999). Professor Sato also writes columns regularly for several Japanese newspapers.

Professor Sato, who was a Fulbright Scholar, received his B.A. in economics and his Dr. Economics from Hitotsubashi University in Tokyo, and his Ph.D. in economics from Johns Hopkins University. His principal areas of research interest are mathematical economics and economic growth.

Rama V.Ramachandran

Rama V.Ramachandran received his master’s degree from Madras University, India, and his Ph.D. from Brown University in the U.S.A. He was a faculty member of the Department of Economics of Southern Methodist University and the Department of Economics of the Stern School of Business, New York University. He was associate director of the Center for Japan–U.S. Business and Economics at the Stern School. His research interests were in microeconomics and growth theory. After retirement, he has focused on economic pedagogy and authored an innovative introduction to microeconomics, Opportunities and Choices: Understanding Our Economic Decisions. (http://www.visualeconomicanalysis.info/index.html)

Reviews

From the book reviews:

“The monograph provides an introduction to the application of group theory, a mathematical tool, to examine the structure of economic models. … It will be useful for postgraduate students and researches specializing in dynamical models of economics.” (Sergei Georgievich Zhuravlev, zbMATH, Vol. 1291, 2014)

Table of contents (12 chapters)

  • Introduction

    Sato, Ryuzo (et al.)

    Pages 3-12

  • Technical Progress and Economies of Scale: Concept of Holotheticity

    Sato, Ryuzo (et al.)

    Pages 13-28

  • Holothetic Production Functions and Marginal Rate of Technical Substitution

    Sato, Ryuzo (et al.)

    Pages 29-41

  • Utility and Demand

    Sato, Ryuzo (et al.)

    Pages 43-53

  • Duality and Self Duality

    Sato, Ryuzo (et al.)

    Pages 55-72

Buy this book

eBook $99.00
price for USA (gross)
  • ISBN 978-4-431-54430-2
  • Digitally watermarked, DRM-free
  • Included format: PDF, EPUB
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $129.00
price for USA
  • ISBN 978-4-431-54429-6
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $129.00
price for USA
  • ISBN 978-4-431-56083-8
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Symmetry and Economic Invariance
Authors
Series Title
Advances in Japanese Business and Economics
Series Volume
1
Copyright
2014
Publisher
Springer Japan
Copyright Holder
Springer Japan
eBook ISBN
978-4-431-54430-2
DOI
10.1007/978-4-431-54430-2
Hardcover ISBN
978-4-431-54429-6
Softcover ISBN
978-4-431-56083-8
Series ISSN
2197-8859
Edition Number
2
Number of Pages
XII, 273
Number of Illustrations and Tables
44 b/w illustrations
Topics