
#4 – Doyne Farmer: Chaos Theory & Complexity Economics
Scaling Theory
Chaos in Dynamical Systems and Predictability
Chaos in dynamical systems arises due to sensitive dependence on initial conditions, causing points to exponentially separate and become scattered, making detailed predictions impossible in the long term. However, statistical predictions remain feasible due to the presence of an attractor that points stay within, providing the system with statistical properties.
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