Turbulence in Economics

Booknews

A critique of mainstream econometrics, presenting the economy as an evolutionary process, economics as a realistic science, and history as fundamental to understanding economic processes. Examines cycles and fluctuations in economic history from the point of view of the metaphor of turbulence in the physical sciences, and argues that an evolutionary approach is required for understanding historical economic processes. Compares the ideas of Keynes and Schumpeter to those of Frisch and Wicksell, and examines recent studies of chaos, nonlinearity, and complexity to explain the historical development of modern economics. Of interest to those involved in economics, history, chaos theory, and modern methodology. Annotation c. by Book News, Inc., Portland, Or.