We analyse the workings of a simple non-linear exchange rate model in which agents hold different beliefs about the underlying model. We distinguish between "chartists" and "fundamentalists". The non-linearities in the model originate from transactions costs and from the existence of non-linear...

We analyse the implications of unions (efficient bargaining) for multiplicity of stationary states and welfare, local indeterminacy, bifurcations and endogenous fluctuations (deterministic and stochastic). We use an overlapping generations model with external increasing returns to scale, where...

We incorporate a renewable resource into an overlapping generations model with standard, well-behaved utility and constant returns to scale production functions. Besides being a factor of production the resource serves as a store of value. We characterize dynamics, efficiency and stability of...

The prices of 27 internationally traded commodities are decomposed into transitory and permanent shocks by applying an ideal band-pass filter to monthly data from 1970-2020. The two types of shocks contributed roughly equally to price variations, but with wide heterogeneity. Permanent shocks...

This paper embeds a wide-angled overview of the process of change, spanning the evolution of the species to the modern human-centered period. The model is based on the central proposition that change ensues from the supply-demand interaction between disorder and order, chaos and complexity....

Chapter 1. Complexity Theory and Broadened Rationality on Man and Society -- Chapter 2. Influential Linearized Theories on Man and Society -- Chapter 3. Bifurcations, Chaos, and Unpredictability -- Chapter 4. Self-Organization, Catastrophes, and Structural Changes -- Chapter 5 Uncertainties with...

"What do economic chaos and uncertainties mean in rational or irrational economic theories? How do simple deterministic interactions among a few variables lead to unpredictable complex phenomena? Why is complexity of economies causing so many conflicts and confusions worldwide? This book...