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consistent with standard growth theory. Investment increases, while real wages fall in the short run. Overall, immigration has …
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Complex systems are characterized by deterministic laws (which often may be hidden) and randomness. A tool to analyse those systems is recurrence quantification analysis (RQA). RQA does not rely on any sort of assumption of stationarity and is not sensitive to singularities and transitions. It...
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In this chapter, we outline the reasons why economics has been concerned with non-linear dynamics, with a particular focus on business cycles and on economic growth. Using varying perspectives, we discuss the salient historical mathematical approaches to the problem and the results that were...
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R.G. Goodwin mentioned that "economists will be led, as natural scientists have been led, to seek in nonlinearities an explanation of the maintenance of oscillation" (Goodwin, Econometrica 19(1), 1951); following this reasoning, we studied business cycles as if they were generated by nonlinear...
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