An essay on the monetary theory of distribution by Massimo Pivetti

By Massimo Pivetti

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2 Declining energy requirements per unit output (EQ\Q) as cumulative production (Z) increases When you open the STELLA model, which you can download (for details see Chap. 1), look at the transforming variable Q that captures this relationship in a graph. Press the Option (Macintosh) or Control (Windows) key to view the entire graph. Bell-shaped trends, as shown in the life cycle pattern here, often result from an interplay of at least two counteracting forces whose relative strength changes over time.

The problem, for example, lies in the possibility that errors in the model cancel each other. Such misspecifications are difficult to detect, and this is why many chapters of this book will start with a theory of model behavior rather than with casual observations of real systems. Combining theory, observations, and indeed, intuition in a disciplined way in dynamic models is especially important when we use easy-to-learn, easy-to-use software packages that enable us to develop models with which we could get ahead 22 1 Introduction of ourselves.

We may also change the numerical technique used to solve the model equations. Euler’s method is chosen as a default. Two other methods, Runge–Kutta-2 and Runge–Kutta-4, are available that update state variables in different ways. We will discuss these methods later. Start with a simple model and keep it simple, especially at first. Whenever possible, compare your results against measured values. Complicate your model only when your results do not predict the available experimental data with sufficient accuracy or when your model does not yet include all the features of the real system that you wish to capture.

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