What is time? How does change take place? Is there any universal law to govern change over time? Is it possible to find such a universal law if it exists? The human being has been confronted with these questions even since civilization began. All of these questions are essential in both western and eastern cultures, and not only confined to the sciences. Thinking about evolution is itself an evolutionary process due both to the complexity of the problem and to our limited capacity for understanding.
KeywordsHopf Bifurcation Economic Phenomenon Adjustment Speed Traditional Economic Business Cycle Model
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