Dynamical Systems Theory and Complicated Economic Behavior

R H Day
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R H Day: Modelling Research Group, University of Southern California, University Park, Los Angeles, CA 90007, USA

Environment and Planning B, 1985, vol. 12, issue 1, 55-64

Abstract: Recent developments in mathematics show that more-or-less random behavior and spontaneously evolving structures can be given analytical and deterministic representations. Empirical simulation and theoretical models have been developed in economics that have similar capacities. This suggests that we are entering a new period when structural change and inherently unpredictable events can be explained or understood in terms of endogenous economic forces. In this paper several important related developments in dynamical systems theory and in mathematical economics are outlined.

Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:sae:envirb:v:12:y:1985:i:1:p:55-64

DOI: 10.1068/b120055

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