Synergetic Economics: Time and Change in Nonlinear Economics (Springer Series in Synergetics, 53)

**Synergetic Economics** presents a new advance in analytical economics. It deals with problems related to time and change in economic systems, including complex aspects, such as the effects of nonlinearity, instability, bifurcation and chaos in economic evolution. The author argues that economic systems may run through a hierarchy of instabilities in which more and more structural patterns evolve. Such instabilities are caused by changes in the external parameters of the system. They may lead to new spatial-temporal patterns of the system. A number of explicit examples are provided to show how such behavior can occur in various dynamic economic systems. Analytical methods are also presented to cope with nonlinear problems. Of particular interest are sudden (structural) changes, the existence of regular and irregular oscillations, the role of random factors in economic evolution, and the effects of time scales and rates of adjustment of economic variables in economic analysis. The author carefully examines the implications of nonlinear phenomena for decision making, and for economic development in general. Front Matter....Pages I-XV Introduction....Pages 1-6 Time and Change in Economics....Pages 7-14 Mathematical Aspects of Dynamic Systems....Pages 15-47 Multiple Equilibria and Structural Changes in Economic Systems....Pages 48-67 Economic Cycles....Pages 68-105 Economic Chaos in Deterministic Systems....Pages 106-131 Stochastic Processes and Economic Evolution....Pages 132-160 Urban Pattern Formation Process — Stability, Structural Changes and Chaos....Pages 161-192 The Haken Slaving Principle and Time Scale in Economic Analysis....Pages 193-212 Implications of Synergetic Economics....Pages 213-227 Conclusions and Prospects for Further Research....Pages 228-229 Back Matter....Pages 231-246