Economy and Application of Chaos Theory
Petr Dostál, Imrich Rukovanský

The theory of chaos came into being in solution of technical problems, where it describes the behaviour of nonlinear systems that have some hidden order, but still behave like systems controlled by chance. A linear model can describe a real system only if it is linear. If this is not fulfilled, then such models can simulate the real system only under ideal conditions, only for a short time. If a system is a nonlinear dynamic, a deterministic system it can generate not only the permanent trends and cycles, but it can also include random-looking behaviour. Processes of such behaviour are present in the economy.

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