Deterministic Chaos in Economics: An Occurrence in Axiomatic Utility Theory

  • Paul A. Samuelson


Edward N. Lorenz, MIT meteorologist, made a pivotal analytical breakthrough when he discovered in 1963 deterministic chaos (Lorenz, 1963). Previously scholars tended to regard stochastic and deterministic models as distinct categories, mutually exclusive. Now we know better.


Equilibrium Point Periodic Motion Strange Attractor Stable Limit Cycle Deterministic Chaos 
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© Kumaraswamy Velupillai 1990

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  • Paul A. Samuelson

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