Economic Dynamics with Memory

This book presents the fundamental concepts, models, and principles of a modern, emerging field in economics called “Economics with Memory.” Economics with Memory is the science of the behavior and interactions of economic agents with memory, and of economic processes with memory and non-locality in time. Economics with Memory is based on new economic concepts, notions, principles, rules, and models that take memory into account. The presence of memory in an economic process means the dependence of a given process at the present moment on the history of changes of a process in the past over a finite time interval. The mathematical language of this economic science is fractional calculus, which is the theory of derivatives and integrals of arbitrary (integer and non-integer) orders, and the theory of fractional differential and difference equations of non-integer orders. Most of the concepts and models presented in this book are presented in Russian for the first time. This book is essentially an abridged translation (almost half the original) of “Economic Dynamics with Memory,” published in English in January 2021 by De Gruyter (Berlin, Boston). The book is 602 pages long. This book is useful for undergraduate and graduate students, and researchers working in various fields of economic science and applied mathematics. The book's self-contained presentation allows its use without prior study of calculus of derivatives and integrals of arbitrary (integer and non- integer) orders and modern economic theory. It assumes only a standard course in mathematical analysis and an introductory course in economics.