Flexible Accelerator Economic Systems as Coupled Oscillators

In this paper, the capacity of a particular type of a formal theoretical model to generate‐compute non‐trivial economic dynamics is studied. The model chosen is the flexible accelerator and the classification of the attractors is made in terms of Wolfram four classes. The model at the origins of mathematical business cycle theories (Frisch, 1933) generates class 1 limit points. The model by Goodwin (1951) generates class 2 limit cycles. We construct a class 3 basin of attraction, strange attractors, by coupling through trade variants of the oscillators present in Goodwin (1951). It is shown that coupled oscillators may generate non‐stochastic irregular dynamic behaviours of the Goodwin (1946) type. The irregularity is shown through the computation of very rugged devil staircases. Whether the system of coupled nonlinear oscillators presented here belong to the class 4 type is still an open question. The analogy with the system of coupled oscillators and the well‐known Fermi–Pasta–Ulam experiment is also explored