The Stock Market, Elliott's Waves, Cones and Cylinders

• Autorzy: Antoni Smoluk
• Języki publikacji: EN

Abstrakty

EN

The simplest and most proper definition of a state of equilibrium in an economy is the identification of the equilibrium with full employment. In economy and life there is always equilibrium. At first, these two statements seem contradictory. After all, in the majority of countries there is significant unemployment, a cybernetic system cannot exist without equilibrium; equilibrium is an attribute of existence. Naturally there exist different levels of equilibrium, perhaps it would be even better to talk about conditional equilibrium. Such equilibrium is characterised by a lower level of produced goods and services then in conditions of full employment. We accept the law of Say, which says that production creates sales, therefore there are no crises of overproduction. How should we understand this? It is assumed that economic subjects behave rationally and that they have full information about both their future plans and future plans and needs of all their business partners. This is undoubtedly an ideal assumption. In reality such information is hidden for the reason of competition, hence the role of the state in the economy is so important. A central planner is an independent arbiter, impartial and incorruptible, it is he who collects all the information, sums it up and announces what transpires from the plans of particular producers.(fragment of text)

Słowa kluczowe

EN

Stock markets; R.N. Elliott's model; General equilibrium; Full employment

PL

Rynki giełdowe; Model R.N.Elliotta; Równowaga ogólna; Pełne zatrudnienie

• Czasopismo: Dynamic Econometric Models
• Rocznik: 2004
• Tom: 6
• Strony: 37--48

Twórcy

autor

Antoni Smoluk

• Wrocław University of Economics, Poland

Bibliografia

• Filkin, D. (1998), Wszechświat Stephena Hawkinga (The Universe of Stephen Hawkin). Gazeta Wyborcza, 18 April 1998, 14-15.
• Juzwiszyn, J. (2003), Ekonofizyczna próba sformalizowania fal Elliotta (Econo-physical Attempt of Formalising the Elliot Waves), PhD Thesis, Wrocław University of Economics, Dept. Management and Computer Science.
• Smoluk, A. (2002), Normy, prawa nauki i fale Elliotta (Norms, Laws of Science and the Elliot Waves), Mathematical Economics, no. 6, 11-20.
• Smoluk, A. (2003), O falach Elliotta, stożkach i teorii katastrof (About the Elliot Waves, Cones and Theory of Catastrophies), in: D. Zarzecki (Ed.), Financial Management, vol. 2. University of Szczecin, 125-133.