ISBN : 9789811267420
Author : Zhang Wei-Bin
Publisher : World Scientific
Year : 2023
Language : English
Type : E-book
Description : 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. Sample Chapter(s) Preface Chapter 1: Complexity Theory in Economics Contents: Complexity Theory in Economics Business Cycles and Chaos with Price Dynamics Complexity of Economics with Capital and Wealth Nonlinear Population Dynamics Technological Changes and Human Capital Accumulation Economic Complexity with Environment and Resources Complexity of Economies and Evolution of Economics Readership: Researchers and graduate students in economics and applied mathematics, who will find many useful technical models on complex economic systems with chaos, bifurcations, and business cycles in the research front of the field. It is also suitable for teaching materials and seminars as a reference book.