NSTITUTIONAL DYNAMICS, DETERMINISTIC CHAOS, AND SELF-ORGANIZING SYSTEMS

Over the past decade or so, a phenomenon known as deterministic chaos has begun to capture the imagination of both the popular press [Dickman 1986; Begley 1987; Waterman 1987; Gleick 1987a, 1987b, 1987c] and professional economists [Day 1982, 1983; Brock 1986; Anderson, Arrow and Pines 1988; Chen 1988; Baumol and Benhabib 1989]. Over the same period of time, a related area involving the study of systems that "self-organize" has steadily accumulated a respectable level of acceptance among scholars in various academic disciplines [Nicolis and Prigogine 1977; Jantsch 1980; Allen 1988; Mosekilde, Rasmussen, and S0rensen 1983; Prigogine and Stengers 1984; Nicolis 1986; Laszlo 1987]. Although these areas of inquiry originated in the physical sciences, they embody insights that can be of considerable value to institutional economists.

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