## An Introduction to Mathematical Models in Economic Dynamics |

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A.W. Phillips aggregate demand analysis arbitrary constant assumed assumption autonomous consumption behaviour characteristic equation Cobb-Douglas cobweb model coefficients comparative statics considered consumer consumption consumption function continuous model converge demand function denotes determine the path difference equation differential equation discrete model dK/dt dY/dt economy endogenous variables equilibrium growth paths equilibrium level equilibrium point equilibrium values exogenous factors factors of production follows given Hence increase industry inequality initial conditions inputs integral stabilisation policy interest rate investment function labour level of income level of output linear model marginal propensity market clearing model of 1.2 model of income monetary sector negative real non-linear model normal capacity output obtained oscillations oscillatory output Q particular phase curve positive constant price adjustment equation production function profit proportional rate provides quantity rate of change rate of interest satisfied solution substitution Suppose term tion trade cycle yields zero