The objective of this book is to study the economy as a complex
system and to show that the presence of self-reinforcing mechanisms
in very different economic problems gives rise to common
regularities and common qualitative properties. Dynamic systems of
the self-reinforcing type are considered, that is, systems with
local positive feedbacks. Economic theory maintains that positive
feedbacks can cause multiple equilibria and possible inefficiency.
This book concentrates on the less familiar properties of lock-in,
path-dependence and symmetry-breaking.
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