Complex Economic Dynamics, Volume 2

From Studies in Dynamical Economic Science

Complex Economic Dynamics, Volume 2

An Introduction to Macroeconomic Dynamics

By Richard H. Day





Richard H. Day was one of the first economists to recognize the importance of complex dynamics, or chaos theory, to economics. He can justly be described as one of the originators of the now extensive economic literature on chaos. The two volumes of Complex Economic Dynamics show that, far from being a passing trend in economic research, complex dynamics belongs at the heart of the subject. Although they can be read independently, the volumes follow a logical sequence. Volume 1 contained nontechnical introductions to the basics of economic change and to the mathematical and theoretical tools used to describe them. Volume 2, which is concerned with macroeconomic dynamics, looks at the economy as a whole. Topics include business cycles, economic growth, economic development, and dynamical economic science and policy. The book concludes with the author's reflections on the implications of complex dynamics for economic theory, quantitative research, and government policy.


Out of Print ISBN: 9780262041720 418 pp. | 6.3 in x 9.1 in


$35.00 X ISBN: 9780262528603 418 pp. | 6.3 in x 9.1 in


  • Richard Day's two books serve as exellent resources for scholars and students who want to learn more about complex dynamic systems, involving non-linearities, bifurcations, limit cycles, and ergodic theory.

    Paul A. Samuelson

    Institute Professor Emeritus, MIT

  • Day provides a great panorama of the role of complex dynamics in economics. This book is a rich source of provocative ideas about the dynamics that shape human affairs, from the destabilizing effects of monetary policy to the evolution and disintegration of economies on a grand scale.

    Jess Benhabib

    Professor of Economics, New York University

  • This book is a sweeping tour through Day's work on economic dynamics. Whether one agrees with his approach or not, one can benefit from the toolspresented, and all will enjoy the mathematical scenery of the journey.

    William A. Brock

    Vilas Research Professor of Economics, The Universityof Wisconsin, Madison