Cycles and Chaos in Economic Equilibrium

Cycles and Chaos in Economic Equilibrium PDF

Author: Jess Benhabib

Publisher: Princeton University Press

Published: 2021-02-09

Total Pages: 490

ISBN-13: 0691225214

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In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be used to detect nonlinearities and cyclic and chaotic structures in economic models? In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory. Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting. The contributors to the volume are William J. Baumol, Jess Benhabib, Michele Boldrin, William A. Brock, Richard H. Day, Raymond J. Deneckere, Allan Drazen, Jean-Michel Grandmont, Kenneth L. Judd, Bruno Jullien, Guy Laroque, Blake LeBaron, Bruce McNevin, Luigi Montrucchio, Salih Nefti, Kazuo Nishimura, James B. Ramsey, Pietro Reichlin, Philip Rothman, Chera L. Sayers, Jos A. Scheinkman, Wayne Shafer, William Whitesell, Edward N. Wolff, and Michael Woodford.

Cycles and Chaos in Economic Equilibrium

Cycles and Chaos in Economic Equilibrium PDF

Author: Jess Benhabib

Publisher:

Published: 1992

Total Pages: 474

ISBN-13: 9780691042497

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In recent years economists have begun to use the techniques of non-linear dynamics to show that some apparently erratic and turbulent economic phenomena reflect subtle underlying patterns. How do cyclic and chaotic dynamics arise in economic models of equilibrium? How can empirical methods be used to detect nonlinearities and cyclic and chaotic structures in economic models? In examining these questions, this book brings together the most significant work that has been done to date in economics-based chaos theory. Selected here particularly for the economist who is not a specialist in chaos theory, the essays, some previously unpublished and others not widely available, describe a new tool for understanding business cycles, stabilization policy, and forecasting. The contributors to the volume are William J. Baumol, Jess Benhabib, Michele Boldrin, William A. Brock, Richard H. Day, Raymond J. Deneckere, Allan Drazen, Jean-Michel Grandmont, Kenneth L. Judd, Bruno Jullien, Guy Laroque, Blake LeBaron, Bruce McNevin, Luigi Montrucchio, Salih Nefti, Kazuo Nishimura, James B. Ramsey, Pietro Reichlin, Philip Rothman, Chera L. Sayers, Jos A. Scheinkman, Wayne Shafer, William Whitesell, Edward N. Wolff, and Michael Woodford.

Nonlinear Dynamics in Equilibrium Models

Nonlinear Dynamics in Equilibrium Models PDF

Author: John Stachurski

Publisher: Springer Science & Business Media

Published: 2012-01-25

Total Pages: 454

ISBN-13: 3642223974

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Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals. Chapter “Introduction” is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.

Chaos, Management and Economics

Chaos, Management and Economics PDF

Author: David Parker

Publisher: Hobart Papers (Paperback)

Published: 1994

Total Pages: 124

ISBN-13:

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First published in 1994, this title was the best-selling IEA publication of the 1990s. It applies the ideas of 'chaos theory', more usually found in the natural sciences, to economic and social systems, with some profound implications for the management of business and the economy. The authors suggest that a chaotic world is more complex than can be captured by the linear equations generally used by economic modellers and the assumptions of neo-classical economics, and in some ways bears a striking resemblance to the views taken by the Austrian School. This title provides a concise and straightforward introduction to the application of Chaos Theory to the social sciences, which as its authors say, 'provides a new and exciting departure point for the study of organisations and economies'.

From Catastrophe to Chaos: A General Theory of Economic Discontinuities

From Catastrophe to Chaos: A General Theory of Economic Discontinuities PDF

Author: J. Barkley Rosser

Publisher: Springer Science & Business Media

Published: 2013-03-14

Total Pages: 313

ISBN-13: 9401716137

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From Catastrophe to Chaos: A General Theory of Economic Discontinuities presents and unusual perspective on economics and economic analysis. Current economic theory largely depends upon assuming that the world is fundamentally continuous. However, an increasing amount of economic research has been done using approaches that allow for discontinuities such as catastrophe theory, chaos theory, synergetics, and fractal geometry. The spread of such approaches across a variety of disciplines of thought has constituted a virtual intellectual revolution in recent years. This book reviews the applications of these approaches in various subdisciplines of economics and draws upon past economic thinkers to develop an integrated view of economics as a whole from the perspective of inherent discontinuity.

Chaos, Complexity, And Nonlinear Economic Theory

Chaos, Complexity, And Nonlinear Economic Theory PDF

Author: Wei-bin Zhang

Publisher: World Scientific

Published: 2023-05-17

Total Pages: 228

ISBN-13: 981126743X

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What do economic chaos and uncertainties mean in rational or irrational economic theories? How do simple deterministic interactions among a few variables lead to unpredictable complex phenomena? Why is complexity of economies causing so many conflicts and confusions worldwide?This book provides a comprehensive introduction to recent developments of complexity theory in economics. It presents different models based on well-accepted economic mechanisms such as the Solow model, Ramsey model, and Lucas model. It is focused on presenting complex behaviors, such as business cycles, aperiodic motion, bifurcations, catastrophes, chaos, and hidden attractors, in basic economic models with nonlinear behavior. It shows how complex nonlinear phenomena are identified from various economic mechanisms and theories. These models demonstrate that the traditional or dominant economic views on evolution of, for instance, capitalism market, free competition, or Keynesian economics, are not generally valid. Markets are unpredictable and nobody knows with certainty the consequences of policies or other external factors in economic systems with simple interactions.

Crises and Cycles

Crises and Cycles PDF

Author: Wilhelm Röpke

Publisher: Ludwig von Mises Institute

Published: 1936

Total Pages: 240

ISBN-13: 161016279X

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"As a foundation for this book use has been made of the author's treatise on Krise and Konjunktur. Large parts have been translated, with many alterations, from the German ... while other parts written in English by the author have been added"--Pref. Includes bibliographical references.

Complexity in Economics: Cutting Edge Research

Complexity in Economics: Cutting Edge Research PDF

Author: Marisa Faggini

Publisher: Springer

Published: 2014-06-26

Total Pages: 250

ISBN-13: 3319051857

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In this book, leading experts discuss innovative components of complexity theory and chaos theory in economics. The underlying perspective is that investigations of economic phenomena should view these phenomena not as deterministic, predictable and mechanistic but rather as process dependent, organic and always evolving. The aim is to highlight the exciting potential of this approach in economics and its ability to overcome the limitations of past research and offer important new insights. The book offers a stimulating mix of theory, examples and policy. By casting light on a variety of topics in the field, it will provide an ideal platform for researchers wishing to deepen their understanding and identify areas for further investigation.

Nonlinearities in Economics

Nonlinearities in Economics PDF

Author: Giuseppe Orlando

Publisher: Springer Nature

Published: 2021-08-31

Total Pages: 361

ISBN-13: 3030709825

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This interdisciplinary book argues that the economy has an underlying non-linear structure and that business cycles are endogenous, which allows a greater explanatory power with respect to the traditional assumption that dynamics are stochastic and shocks are exogenous. The first part of this work is formal-methodological and provides the mathematical background needed for the remainder, while the second part presents the view that signal processing involves construction and deconstruction of information and that the efficacy of this process can be measured. The third part focuses on economics and provides the related background and literature on economic dynamics and the fourth part is devoted to new perspectives in understanding nonlinearities in economic dynamics: growth and cycles. By pursuing this approach, the book seeks to (1) determine whether, and if so where, common features exist, (2) discover some hidden features of economic dynamics, and (3) highlight specific indicators of structural changes in time series. Accordingly, it is a must read for everyone interested in a better understanding of economic dynamics, business cycles, econometrics and complex systems, as well as non-linear dynamics and chaos theory.

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