Nonlinear Dynamics and Evolutionary Economics

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  • Nonlinear Dynamics and Evolutionary Economics Book Detail

  • Author : Richard Hollis Day
  • Release Date : 1993
  • Publisher : Oxford University Press, USA
  • Genre : Business & Economics
  • Pages : 360
  • ISBN 13 :
  • File Size : 52,52 MB

Nonlinear Dynamics and Evolutionary Economics by Richard Hollis Day PDF Summary

Book Description: Advances in physics, computers, and mathematics have made it possible to illustrate an astonishing array of potential behavior that can occur when nonlinear interactions are present. As Prigogine explains from a physicist's perspective, the fundamental role of instability and bounded rationality provide more precise understanding for evolution and changes. This volume considers these developments from various fields in the context of economic science. The work starts with a general non-mathematical discussion, introducing the major themes--nonlinearity, dynamical systems, and evolution in economic processes. The work continues with nonlinear analysis of macroeconomic growth and fluctuations. It describes analyses of economic adaptation, learning, and self-organization. The volume also scrutinizes a specific market--equities using nonlinear analysis, controlled experiments, and statistical inference when nonlinearity plays an essential role in data generation. The volume closes with an historical reflection by Richard Goodwin and a roundtable discussion on basic issues and new challenges in nonlinear economic dynamics.

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1. 1 Introduction In economics, one often observes time series that exhibit different patterns of qualitative behavior, both regular and irregular, symmetric an