Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5099850 | Journal of Economic Dynamics and Control | 2007 | 26 Pages |
Abstract
This paper discusses the mathematical origins of catastrophe theory, the various applications of it in economics, the controversy over its use, and the criticism of it as a fad, with the subsequent general disappearance of its use in economics. It presents a criticism of the criticism of the most famous application and a discussion of its current relevance and available alternatives. It concludes that indeed the baby was largely thrown out with the bathwater, and that catastrophe theory should be openly and properly used again in economics.
Related Topics
Physical Sciences and Engineering
Mathematics
Control and Optimization
Authors
J. Barkley Jr.,