The Emergence of Chaos from Classical Economic Growth

Richard H. Day

The Quarterly Journal of Economics, 1983, vol. 98, issue 2, 201-213

Abstract: This paper shows how fluctuations of an erratic and unstable nature can emerge from the classical, deterministic economic growth process. Implications of the analysis would appear to be at least two. First, pronounced changes in the way an economy behaves need not cause us to reject our understanding of how it works. Second, we need not seek in exogenous forces an explanation as to why behavioral patterns change and why it may be so difficult to anticipate future events from the profile of past experience.

Date: 1983
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