Steady state (disambiguation)

Last updated August 14, 2019

Steady state may refer to:

Steady state (systems) an operating condition in thermodynamic and other systems or processes when variables stay constant as time passes.
- Steady-state economy, an economy made up of a constant population size and a constant stock of physical wealth (capital).
- Steady-state equilibrium (monetary theory), an economic situation where neutrality of money coincides with zero population growth.
- Steady-state rate of growth (neoclassical growth theory), an economy featuring an equi-proportionate increase in capital and labour
- Steady state (electronics), a state existing in a circuit or network when all transients have died away.
- Steady state (chemistry), a central term in chemical kinetics.
- Steady state (biochemistry), regarding ions across cell membranes
- Steady state (physiology), also known as homeostasis, a system in which a particular variable is not changing but energy must be continuously added to maintain this variable constant.
- Steady state (pharmacokinetics)
Neutrality of money is the idea that a change in the stock of money affects only nominal variables in the economy such as prices, wages, and exchange rates, with no effect on real variables, like employment, real GDP, and real consumption. Neutrality of money is an important idea in classical economics and is related to the classical dichotomy. It implies that the central bank does not affect the real economy by creating money. Instead, any increase in the supply of money would be offset by a proportional rise in prices and wages. This assumption underlies some mainstream macroeconomic models. Others like monetarism view money as being neutral only in the long-run.
The Solow–Swan model is an economic model of long-run economic growth set within the framework of neoclassical economics. It attempts to explain long-run economic growth by looking at capital accumulation, labor or population growth, and increases in productivity, commonly referred to as technological progress. At its core is a neoclassical (aggregate) production function, often specified to be of Cobb–Douglas type, which enables the model "to make contact with microeconomics". The model was developed independently by Robert Solow and Trevor Swan in 1956, and superseded the Keynesian Harrod–Domar model.
In electronics, steady state is an equilibrium condition of a circuit or network that occurs as the effects of transients are no longer important.
Dynamic equilibrium commonly observed in dynamical systems.

In systems theory, a system or a process is in a steady state if the variables which define the behavior of the system or the process are unchanging in time. In continuous time, this means that for those properties p of the system, the partial derivative with respect to time is zero and remains so:

Thermodynamics is the branch of physics that deals with heat and temperature, and their relation to energy, work, radiation, and properties of matter. The behavior of these quantities is governed by the four laws of thermodynamics which convey a quantitative description using measurable macroscopic physical quantities, but may be explained in terms of microscopic constituents by statistical mechanics. Thermodynamics applies to a wide variety of topics in science and engineering, especially physical chemistry, chemical engineering and mechanical engineering, but also in fields as complex as meteorology.

A steady-state economy is an economy made up of a constant stock of physical wealth (capital) and a constant population size. In effect, such an economy does not grow in the course of time. The term usually refers to the national economy of a particular country, but it is also applicable to the economic system of a city, a region, or the entire world. Early in the history of economic thought, classical economist Adam Smith of the 18th century developed the concept of a stationary state of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity.

It may also refer to:

Steady State model, a non-standard cosmological view developed in 1949 by Fred Hoyle and others as an alternative to the Big Bang theory.
Steady state engine test stand, a type of application for engine testing.
Microsoft Windows SteadyState, an imaging program for Microsoft operating systems.

An engine test stand is a facility used to develop, characterize and test engines. The facility, often offered as a product to automotive OEMs, allows engine operation in different operating regimes and offers measurement of several physical variables associated with the engine operation.

Windows SteadyState is a discontinued freeware tool developed by Microsoft that gives administrators enhanced options for configuring shared computers, such as hard drive protection and advanced user management. It is primarily designed for use on computers shared by many people, such as internet cafes, schools and libraries.

An operating system (OS) is system software that manages computer hardware and software resources and provides common services for computer programs.

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Related Research Articles

Stability may refer to:

In economics, general equilibrium theory attempts to explain the behavior of supply, demand, and prices in a whole economy with several or many interacting markets, by seeking to prove that the interaction of demand and supply will result in an overall general equilibrium. General equilibrium theory contrasts to the theory of partial equilibrium, which only analyzes single markets.

Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena.

Classical economics or classical political economy is a school of thought in economics that flourished, primarily in Britain, in the late 18th and early-to-mid 19th century. Its main thinkers are held to be Adam Smith, Jean-Baptiste Say, David Ricardo, Thomas Robert Malthus, and John Stuart Mill. These economists produced a theory of market economies as largely self-regulating systems, governed by natural laws of production and exchange.

Thermodynamic equilibrium is an axiomatic concept of thermodynamics. It is an internal state of a single thermodynamic system, or a relation between several thermodynamic systems connected by more or less permeable or impermeable walls. In thermodynamic equilibrium there are no net macroscopic flows of matter or of energy, either within a system or between systems. In a system in its own state of internal thermodynamic equilibrium, no macroscopic change occurs. Systems in mutual thermodynamic equilibrium are simultaneously in mutual thermal, mechanical, chemical, and radiative equilibria. Systems can be in one kind of mutual equilibrium, though not in others. In thermodynamic equilibrium, all kinds of equilibrium hold at once and indefinitely, until disturbed by a thermodynamic operation. In a macroscopic equilibrium, perfectly or almost perfectly balanced microscopic exchanges occur; this is the physical explanation of the notion of macroscopic equilibrium.

A thermodynamic system is a group of material and/or radiative contents. Its properties may be described by thermodynamic state variables such as temperature, entropy, internal energy, and pressure.

The overlapping generations (OLG) model is one of the dominating frameworks of analysis in the study of macroeconomic dynamics and economic growth. In contrast, to the Ramsey–Cass–Koopmans neoclassical growth model in which individuals are infinitely-lived, in the OLG model individuals live a finite length of time, long enough to overlap with at least one period of another agent's life.

In electrical engineering and mechanical engineering, a transient response is the response of a system to a change from an equilibrium or a steady state. The transient response is not necessarily tied to abrupt events but to any event that affects the equilibrium of the system. The impulse response and step response are transient responses to a specific input.

The Ramsey–Cass–Koopmans model, or Ramsey growth model, is a neoclassical model of economic growth based primarily on the work of Frank P. Ramsey, with significant extensions by David Cass and Tjalling Koopmans. The Ramsey–Cass–Koopmans model differs from the Solow–Swan model in that the choice of consumption is explicitly microfounded at a point in time and so endogenizes the savings rate. As a result, unlike in the Solow–Swan model, the saving rate may not be constant along the transition to the long run steady state. Another implication of the model is that the outcome is Pareto optimal or Pareto efficient.

Computable general equilibrium (CGE) models are a class of economic models that use actual economic data to estimate how an economy might react to changes in policy, technology or other external factors. CGE models are also referred to as AGE models.

<i>Foundations of Economic Analysis</i> book by Paul A. Samuelson published in 1947

Foundations of Economic Analysis is a book by Paul A. Samuelson published in 1947 by Harvard University Press. It is based on Samuelson's 1941 doctoral dissertation at Harvard University. The book sought to demonstrate a common mathematical structure underlying multiple branches of economics from two basic principles: maximizing behavior of agents and stability of equilibrium as to economic systems. Among other contributions, it advanced the theory of index numbers and generalized welfare economics. It is especially known for definitively stating and formalizing qualitative and quantitative versions of the "comparative statics" method for calculating how a change in any parameter affects an economic system. One of its key insights about comparative statics, called the correspondence principle, states that stability of equilibrium implies testable predictions about how the equilibrium changes when parameters are changed.

A system is said to be in a transient state when a process variable or variables have been changed and the system has not yet reached a steady state.The time taken for the circuit to change from one steady state to another steady state is called the transient time. Transient analysis KVL and KCL to circuits containing energy storage elements results in differential.

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The AD–AS or aggregate demand–aggregate supply model is a macroeconomic model that explains price level and output through the relationship of aggregate demand and aggregate supply.

In macroeconomics, the balanced-growth path of a dynamic model is a trajectory such that all variables grow at a constant rate. In the standard exogenous growth model, balanced growth is a basic assumption, while other variables like the capital stock, real GDP, and output per worker are growing. Developing economies may adopt a strategy of unbalanced growth to rectify previous investment decisions, as put forward by economist Albert O. Hirschman.

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Unified growth theory was developed in light of the failure of endogenous growth theory to capture key empirical regularities in the growth processes and their contribution to the momentous rise in inequality across nations in the past two centuries. Unlike earlier growth theories that have focused entirely on the modern growth regime, unified growth theory captures the growth process over the entire course of human existence, highlighting the critical role of the differential timing of the transition from Malthusian stagnation to sustained economic growth in the emergence of inequality across countries and regions.

Real business-cycle theory is a class of new classical macroeconomics models in which business-cycle fluctuations to a large extent can be accounted for by real shocks. Unlike other leading theories of the business cycle, RBC theory sees business cycle fluctuations as the efficient response to exogenous changes in the real economic environment. That is, the level of national output necessarily maximizes expected utility, and governments should therefore concentrate on long-run structural policy changes and not intervene through discretionary fiscal or monetary policy designed to actively smooth out economic short-term fluctuations.

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