Positive Feedback in the Economy
Every real dynamic system has feedback, the connection between a given action and the reaction throughout the rest of the system. Information about the action must be conveyed in the model to these other parts of the system and these information flows are known as feedbacks. They are essential in achieving a model that is a realistic representative of the real world process.
- Arthur B (1990) Feedbacks in the economy. Sci Am 262:92–99Google Scholar