Dynamic analysis in economics is as old as economics itself. A glance at the subject index in Joseph Schumpeter’s monumental “History of Economic Analysis” is sufficient to convince you about this. Even dynamic mathematical models are fairly old. Cournot duopoly dates back to 1838 and the cobweb model of price adjustments to 1887.
KeywordsBusiness Cycle Perturbation Method Catastrophe Theory Saddle Connection Cusp Catastrophe
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