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Dynamical Systems Theory and Complicated Economic Behavior

Author

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  • R H Day

    (Modelling Research Group, University of Southern California, University Park, Los Angeles, CA 90007, USA)

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.

Suggested Citation

  • R H Day, 1985. "Dynamical Systems Theory and Complicated Economic Behavior," Environment and Planning B, , vol. 12(1), pages 55-64, March.
    • Handle: RePEc:sae:envirb:v:12:y:1985:i:1:p:55-64
    DOI: 10.1068/b120055
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    Cited by:

    1. Luis A. Aguirre & Antonio Aguirre, 1997. "A tutorial introduction to nonlinear dynamics in economics," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 7(2), pages 9-47.
    2. P Nijkamp & A Reggiani, 1988. "Dynamic Spatial Interaction Models: New Directions," Environment and Planning A, , vol. 20(11), pages 1449-1460, November.

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