Boom and bust in continuous time evolving economic model

We show that a simple model of a spatially resolved evolving economic system, which has a steady state under simultaneous updating, shows stable oscillations in price when updated asynchronously. The oscillations arise from a gradual decline of the mean price due to competition among sellers competing for the same resource. This lowers profitability and hence population but is followed by a sharp rise as speculative sellers invade the large un-inhabited areas. This cycle then begins again.Comment: 7 pages, 9 figures, epjb style. New references. Section on avoiding boom and bust. Fix bibliograph

Contrasting the beam interaction characteristics of selected lasers with a partially stabilised zirconia (PSZ) bio-ceramic

Differences in the beam interaction characteristics of a CO2 laser, a Nd:YAG laser, a high power diode laser (HPDL) and an excimer laser with a partially stabilised zirconia (PSZ) bio-ceramic have been studied. A derivative of Beer-Lambert’s law was applied and the laser beam absorption lengths of the four lasers were calculated as 33.55 x 10-3 cm for the CO2 laser, 18.22 x 10-3 cm for the Nd:YAG laser, 17.17 x 10-3 cm for the HPDL and 8.41 x 10-6 cm for the excimer laser. It was determined graphically that the fluence threshold values at which significant material removal was effected by the CO2 laser, the Nd:YAG laser, the HPDL and the excimer laser were 52 J/cm2, 97 J/cm2, 115 J/cm2 and 0.48 J/cm2 respectively. The thermal loading value for the CO2 laser, the Nd:YAG laser, the HPDL and the excimer laser were calculated as being 1.55 kJ/cm3, 5.32 kJ/cm3, 6.69 kJ/cm3 and 57.04 kJ/cm3 respectively

Silicon carbide, an emerging high temperature semiconductor

In recent years, the aerospace propulsion and space power communities have expressed a growing need for electronic devices that are capable of sustained high temperature operation. Applications for high temperature electronic devices include development instrumentation within engines, engine control, and condition monitoring systems, and power conditioning and control systems for space platforms and satellites. Other earth-based applications include deep-well drilling instrumentation, nuclear reactor instrumentation and control, and automotive sensors. To meet the needs of these applications, the High Temperature Electronics Program at the Lewis Research Center is developing silicon carbide (SiC) as a high temperature semiconductor material. Research is focussed on developing the crystal growth, characterization, and device fabrication technologies necessary to produce a family of silicon carbide electronic devices and integrated sensors. The progress made in developing silicon carbide is presented, and the challenges that lie ahead are discussed

Chaos, Sunspots, and Automatic Stabilizers

We study a one-sector growth model which is standard except for the presence of an externality in the production function. The set of competitive equilibria is large. It includes constant equilibria, sunspot equilibria, cyclical and chaotic equilibria, and equilibria with deterministic or stochastic regime switching. The efficient allocation is characterized by constant employment and a constant growth rate. We identify an income tax-subsidy schedule that supports the efficient allocation as the unique equilibrium outcome. That schedule has two properties: (i) it specifies the tax rate to be an increasing function of aggregate employment, and (ii) earnings are subsidized when aggregate employment is at its efficient level. The first feature eliminates inefficient, fluctuating equilibria, while the second induces agents to internalize the externality.

The Pacific Basin in World Trade: Part III, An Analysis of Changing Trade Patterns, 1955-1975

This is the third of a sequence of papers on international flows of trade among fifteen Pacific Basin (PB) countries and between them and eleven regions in the Rest of the World (ROW). In Part I of the sequence (Hickman, Kuroda and Lau, 1977a) we presented and documented annual data on bilateral flows of total exports valued f.o.b. in current dollars among the twenty-six countries and regions for the years 1948 through1975. The primary data source is the Direction of Trade computer tape of the International Monetary Fund, but these data were supplemented from other sources, especially as regards the international trade of the socialist countries. The second report (1977b) extended the data base to include unit value export price indexes and the corresponding constant dollar trade flow matrices for the period 1955-1975. In this third report we analyze the changing pattern of PB trade over the same period, using as tools export growth decomposition indexes, trend analysis, and regression analysis of the price elasticity of import market shares. The present paper is organized as follows. In Section 2 we describe the trends in the export performance of the PB countries and ROW regions, as measured by the cumulative percentage change in each country's share of world exports between 1955 and 1975 and for selected sub periods. In Section 3 and Appendices B and C these export share changes are decomposed into three sources: changes in the degree of penetration of the various import markets, changes in the size of the import markets themselves, and an interaction effect. The decomposition indexes are shown in Section 4 to be dominated by the market penetration or competitiveness effect, so that a country gains or loses in world trade according to whether or not it can increase its shares of the markets in which it sells rather than as a passive result of changes in the size of the markets themselves. This leads to a descriptive analysis in Section 5 of the secular growth rates of the market shares of each country or region in the import markets of the twenty-five remaining countries and regions. Finally, we conclude the paper in Section 6 with art exploratory regression analysis of the responsiveness of the market shares to changes in the relative prices of the various exporting countries competing in each import market, leading to the general conclusion that relative prices do matter and presenting estimates of share or substitution elasticities in the various import markets.

The development and characteristics of a hand-held high power diode laser-based industrial tile grout removal and single-stage sealing system

As the field of laser materials processing becomes ever more diverse, the high power diode laser (HPDL) is now being regarded by many as the most applicable tool. The commercialisation of an industrial epoxy grout removal and single-stage ceramic tile grout sealing process is examined through the development of a hand-held HPDL device in this work. Further, an appraisal of the potential hazards associated with the use of the HPDL in an industrial environment and the solutions implemented to ensure that the system complies with the relevant safety standards are given. The paper describes the characteristics and feasibility of the industrial epoxy grout removal process. A minimum power density of approximately 3 kW/cm2 was found to exist, whilst the minimum interaction time, below which there was no removal of epoxy tile grout, was found to be approximately 0.5 s. The maximum theoretical removal rate that may be achievable was calculated as being 65.98 mm2/s for a circular 2 mm diameter beam with a power density of 3 kW/cm2 and a traverse speed of 42 mm/s. In addition, the characteristics of the single-stage ceramic tile grout sealing are outlined. The single-stage ceramic tile grout sealing process yielded crack and porosity free seals which were produced in normal atmospheric conditions. Tiles were successfully sealed with power densities as low as 550 W/cm2 and at rates of up to 420 mm/min. In terms of mechanical, physical and chemical characteristics, the single-stage ceramic tile grout was found to be far superior to the conventional epoxy tile grout and, in many instances, matched and occasionally surpassed that of the ceramic tiles themselves

Single-stage sealing of ceramic tiles by means of high power diode laser radiation

An investigation has been carried out using a 60 W high power diode laser (HPDL) to determine the feasibility of sealing the void between adjoining ceramic tiles with a specially developed grout material. A single-stage process has subsequently been devised using a new grout material which consists of two distinct components: a crushed ceramic tile mix substrate and a glazed enamel surface; the crushed ceramic tile mix provides a tough, inexpensive bulk substrate, whilst the enamel provides an impervious surface glaze. HPDL processing has resulted in crack and porosity free seals produced in normal atmospheric conditions. The single-stage grout is simple to formulate and easy to apply. Tiles were successfully sealed with power densities as low as 750 W/cm2 and at rates of up to 420 mm/min. Bonding of the enamel to the crushed ceramic tile mix was identified as being primarily due to van der Waals forces and, on a very small scale, some of the crushed ceramic tile mix material dissolving into the glaze