Digital Stories in Non-linear Dynamical Economies in Discrete Time Cover Image

Digitálne príbehy v nelineárnych dynamických ekonomikách v diskrétnom čase
Digital Stories in Non-linear Dynamical Economies in Discrete Time

Author(s): Ladislav Andrášik
Subject(s): Economy
Published by: Ekonomický ústav SAV a Prognostický ústav SAV
Keywords: basins of attraction; cobweb simulation; cyclical growth; chaos; ecological approach; dynamics; logistic maps; manifolds; Verhulst function; virtual laboratory

Summary/Abstract: Advanced simulation and/or experimentation in virtual laboratories help to better understand the complex economic phenomena without sophisticated mathematical skills. That is useful for acquiring economic knowledge too. Economic laboratories created in Excel and STELLA for analysing dynamical behaviour of nonlinear economic models is exhibited. Such devices help to understand the complex behaviour of dynamic economic systems at least in qualitative imagina-tions. There are several cases of emergences of qualitative phenomena such as equilibrium-disequilibrium, bifurcation to orbit with several periods and/or to deterministic chaos in simple discrete non-linear systems. In order to demonstrate this, we used an example of Day’s descriptive theory of economic growth with envi-ronmental factors, and Hermann’s modification of Kaldorian cyclical growth.

  • Issue Year: 56/2008
  • Issue No: 03
  • Page Range: 239-260
  • Page Count: 22
  • Language: Slovak