Influences that Contributed to the Theology of Samuel S Schmucker

Samuel Simon Schmucker was a leading figure of the Lutheran Church in America during the first half of the nineteenth century. He was born February 28, 1799, and died on July 26, 1873. His main labor was as a professor at Gettysburg seminary, where he served from 1826 until his retirement in 1864. By his labors and leadership in the General Synod he advanced many doctrinal formulations that had been considered foreign to Lutheranism and which were severely attacked during his later years. It is the purpose of this paper to investigate the possible causes and influences that led to the theological positions of this man

Multi-Dimensional Transitional Dynamics: A Simple Numberical Procedure

We propose the relaxation algorithm as a simple and powerful method for simulating the transition process in growth models. This method has a number of important advantages: (1 It can easily deal with a wide range of dynamic systems including stiff differential equations and systems giving rise to a continuum of stationary equilibria. (2) The application of theprocedure is fairly user friendly. The only input required consists of the dynamic system. (3) The variant of the relaxation algorithm we propose exploits in a natural manner the infinite time horizon, which usually underlies optimal control problems in economics. As an illustrative application, we simulate the transition process of the Jones (1995) and the Lucas (1988) model.transitional dynamics, continuous time growth models, saddle-point problems, multi-dimensional stable manifolds

Rethinking the Concept of Long-Run Economic Growth

This paper argues that growth theory needs a more general “regularity” concept than that of exponential growth. This offers the possibility of considering a richer set of parameter combinations than in standard growth models. Allowing zero population growth in the Jones (1995) model serves as our illustration of the usefulness of a general concept of “regular growth”.exponential growth, arithmetic growth, regular growth, semi-endogenous growth, knife-edge restrictions

Initial Imbalance and Long Run Inequality: Numerical Evaluation of the Lucas Model

In a model of balanced growth applied to a sample of economies convergence does not mean long run equality. In the paper we show how to shed light upon the relation between initial imbalance and long run inequality. We define three different state value classifica-tions which refer to initial, transitional and long run performance of economies. The general concepts are applied to the Lucas model of endogenous growth. Numerical calculations are carried out with a re-laxation algorithm applied to the scale adjusted version of the model. ∗I gratefully acknowledge the comments, suggestions and technical assistence of Ben-jamin Born, Karsten Hees and Timo Trimborn.

Beyond Balanced Growth: On the Analysis of Growth Trajectories

The core of the analysis of endogenous growth models typically is the examination optimality and stability of balanced growth trajectories. But the development of a robust and general economic theory of endogenous growth around this concept is limited by the lack of simple tools of analysis. In the paper we broaden the concept of balanced growth and propose two new methods of analysis. The first one invokes the theory of time varying systems and the second one is a compactification approach. Both methods are designed to clarify to what extent the linearization of the system along a path of balanced growth reveals enough information about the dynamics in a neighborhood of the path

Multi-dimensional transitional dynamics : a simple numerical procedure

We propose the relaxation algorithm as a simple and powerful method for simulating the transition process in growth models. This method has a number of important advantages: (1) It can easily deal with a wide range of dynamic systems including multi-dimensional systems with stable eigenvalues that di.er drastically in magnitude. (2) The application of the procedure is fairly user friendly. The only input required consists of the dynamic system. (3) The variant of the relaxation algorithm we propose exploits in a natural manner the in.nite time horizon, which usually underlies optimal control problems in economics. Overall, it seems that the relaxation procedure can easily cope with a large number of problems which arise frequently in the context of macroeconomic dynamic models. As an illustrative application, we simulate the transition process of the well-known Jones (1995) model.saddlepoint problems, transitional dynamics, economic growth, multidimensional stable manifolds

Rethinking the Concept of Long-Run Economic Growth

This paper argues that growth theory needs a more general “regularity” concept than that of exponential growth. This opens up for considering a richer set of parameter combinations than in standard growth models. Allowing zero population growth in the Jones (1995) model serves as our illustration of the usefulness of a general concept of “regular growth”.exponential growth; arithmetic growth; regular growth; semi-endogenous growth; knife-edge restrictions