Complex Economic Dynamics, Volume 2
Richard H. Day was one of the first economists to recognize the importance of complex dynamics, or chaos theory, to economics. He can justly be described as one of the originators of the now extensive economic literature on chaos.The two volumes of Complex Economic Dynamics show that, far from being a passing trend in economic research, complex dynamics belongs at the heart of the subject. Although they can be read independently, the volumes follow a logical sequence. Volume 1 contained nontechnical introductions to the basics of economic change and to the mathematical and theoretical tools used to describe them. Volume 2, which is concerned with macroeconomic dynamics, looks at the economy as a whole. Topics include business cycles, economic growth, economic development, and dynamical economic science and policy. The book concludes with the author's reflections on the implications of complex dynamics for economic theory, quantitative research, and government policy.