Abstract
Various kinds of simple dynamic economic behavior are well understood: the existence and character of stationary states, steady or balanced economic growth, and periodic business cycles. Each of these types of behavior has its corresponding explanation or set of alternative explanations. Theories of general equilibrium explain stationary states or steady, balanced growth. Theories of business cycles explain periodic oscillations in the economy. Unfortunately, simple dynamic behavior is not exhibited by typical economies of record. Instead they exhibit complex dynamics: irregular fluctuations; overlapping waves of development and structural change; and institutional change and evolution.
Existence is either ordered in a certain way, or it is not so ordered, and conjectures which harmonize best with experience are removed above all comparison with conjectures which do not so harmonize. Thomas Hardy
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© 1987 Springer-Verlag Berlin Heidelberg
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Day, R.H. (1987). The General Theory of Disequilibrium Economics and of Economic Evolution. In: Batten, D., Casti, J.L., Johansson, B. (eds) Economic Evolution and Structural Adjustment. Lecture Notes in Economics and Mathematical Systems, vol 293. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-02522-2_3
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DOI: https://doi.org/10.1007/978-3-662-02522-2_3
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-18183-5
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