Picture of athlete cycling

Open Access research with a real impact on health...

The Strathprints institutional repository is a digital archive of University of Strathclyde's Open Access research outputs. Strathprints provides access to thousands of Open Access research papers by Strathclyde researchers, including by researchers from the Physical Activity for Health Group based within the School of Psychological Sciences & Health. Research here seeks to better understand how and why physical activity improves health, gain a better understanding of the amount, intensity, and type of physical activity needed for health benefits, and evaluate the effect of interventions to promote physical activity.

Explore open research content by Physical Activity for Health...

Hysteresis and economics - taking the economic past into account

Grinfeld, M. and Cross, R. and Lamba, H. (2009) Hysteresis and economics - taking the economic past into account. IEEE Control Systems, 29 (1). pp. 30-43. ISSN 0272-1708

[img]
Preview
PDF (cgl170908.pdf)
cgl170908.pdf

Download (418kB) | Preview

Abstract

The goal of this article is to discuss the rationale underlying the application of hysteresis to economic models. In particular, we explain why many aspects of real economic systems are hysteretic is plausible. The aim is to be explicit about the difficulties encountered when trying to incorporate hysteretic effects into models that can be validated and then used as possible tools for macroeconomic control. The growing appreciation of the ways that memory effects influence the functioning of economic systems is a significant advance in economic thought and, by removing distortions that result from oversimplifying specifications of input-output relations in economics, has the potential to narrow the gap between economic modeling and economic reality.