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The theory of economic motion was András Bródy’s main interest. This paper presents a simplifi ed framework of Bródy’s economics. His multi-sector production and price theory is based on the Marxian theory of value reinterpreted by using measurement considerations. Economic motion in this framework is driven by technology represented by the internal proportions of production, not by external shocks. Prices and proportions jointly determine the economic structure and its motion (duality of prices and volumes). We derive the laws of motion of production and use of goods (consumption and accumulation) based on technological accounting balances. These laws determine a cyclical pattern. Using numerical examples we demonstrate how external changes in technology and valuations are propagated in changing the cyclical pattern of motion.

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This paper investigates the evolution of sub-central government borrowing in Spain over the period 1996–2011. The arguments and figures provided show that the intense process of political and fiscal decentralisation that took place over the 1990s and 2000s did not lead to higher debt ratios in terms of GDP at these tiers of government until 2007. Although a kind of overspending bias was in effect until the late 2000s, the paper shows that the evolution of GDP and tax revenues provided regional and local governments with enough resources to vigorously pursue their devolved public policy responsibilities and still keep their debt ratios under control. However, since 2008, when the world financial crisis broke out, the situation has changed dramatically. Even though the crisis originated in the financial sector, the paper concludes by stressing the importance of creating incentives and setting controls through institutional arrangements characterising multilevel government for all tiers of government to save in periods of economic growth in order to confront the impact of recession once it comes.

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hospodářského cyklu pro českou ekonomiku (Methodology of the Composite Indicators Construction of the Czech Republic Business Cycle) . Statistika, 1 :21 Economic Cycle Research Institute ( 2011 ): Turning Points & Leading

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Amends of an old feud

Goodwin’s flair for the law of conservation

Acta Oeconomica
Authors: A. Bródy and I. Ábel

Mathematical duality in economic dynamics offers a fresh insight for applied research. The dichotomy of causes and objectives is fading away in economics just like it disappeared from physics over the past century. The struggle between apparently conflicting theories gives way to practical approaches of empirical assessment of economic motion. We present an approach based on the Goodwin model which offers a clear exposition and deeper insight by using the mathematical concept of the ‘first integral’. Goodwin’s classic model of the economic cycle stands on the dividing line between the teleological and the causal school of thought and is theoretically acceptable to both. Inputs and outputs, aims and means, causes and objectives are organically interconnected in his approach that also provides a computationally simple alternative to facilitate the numerical and graphical description of economic cycles.

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This study presents the detailed methodology of generating house price indices for the Hungarian market. The index family is an expansion of the Hungarian housing market statistics in several regards. The nationwide index is derived from a database starting from 1990, and thus the national index is regarded as the longest in comparison to the house price indices available so far. The long time series allow us to observe and compare the real levels of house prices across economic cycles. Another important innovation of this index family is its ability to capture house developments by regions and settlement types, which sheds light on the strong regional heterogeneity underlying the Hungarian housing market.

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Abstract  

Statistics: Order-disorder problems in many-particle statistics may be solved by the Lagrange principle: L=TlogP+E→maximum! L is the Lagrange function, logP the entropy and E a special condition of order for a system of interacting objects. T is an ordering parameter: for low values of T order (E), for high values of T, disorder or chaos (logP) will be at maximum. Natural sciences: The Lagrange principle corresponds to Gibbs energy. The cohesive energy E leads to the three structures of matter: the well-ordered solid and the disordered liquid and gas. In binary systems, L leads to phase diagrams and solubility or segregation of materials. Society: L corresponds to common happiness, which has to be at maximum for a stable society. Emotions E: sympathy, apathy, antipathy lead to three social structures: the well-ordered hierarchy and the disordered democracy and the global state. In binary societies(women-men, black-non-black, Catholics-non-Catholics) intermarriage diagrams correspond to phase diagrams and show the state of integration or segregation, peace or war of the society. Economics: L corresponds to common benefit, which has to be at maximum for a stable economy, and leads to a (capitalistic) Boltzmann distribution of property E. Economic cycles of production and trade correspond to Carnot cycles of a gas in engineering sciences: a motor works at two different temperatures, economic cycles will tend to produce two different standards of living, rich and poor, or first and the third world. History: Industrial development corresponds to a heating curve of alloys: the growing productivity has melted away the inflexible structure of monarchies, and has (slowly) transformed Europe into a flexible democratic structure. The French Revolution may be regarded as (first-order) phase transition. Recent takeovers of very big companies show a trend to global activity, free from national ties.

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. ( 2014 ): Asymmetric Decentralisation, Economic Cycle, Regional and Local Governments’ Borrowing in Spain . Acta Oeconomica , 64 ( 4 ): 441 – 461 .

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. Nguyen , H. G. – Nguyen , T. N. ( 2013 ): Assessment of the role of the fiscal policy to stabilize economic cycles in Vietnam from 1996 up to now through fiscal impulse measure . Ministerial-level Project report of Ministry of Planning and

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.S. is more than three times as high as in Western Europe. The U.S. in 2015 had the highest incarceration rate in the world. The rate of U.S. bankruptcies varied from year to year depending on the economic cycles but was generally quite high. The U.S. had

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. dos Santos , J. – Tavares , M. – Barros , P. ( 2016 ): More than Just Numbers: Suicide Rates and the Economic Cycle in Portugal (1910–2013) . SSM – Population Health 2 : 14 – 23

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