One of my favorite quotes is from a letter of Charles Darwin (1887): "I have long discovered that geologists never read each other's works, and that the only object in writing a book is proof of earnestness, and that you do not form your opinions without undergoing labour of some kind. " It is not clear if this private opinion of Darwin was one that he held to be absolutely true, or was one of those opinions that, as with most of us, coincides with our "bad days," but is replaced with a more optimistic view on our "good days. " I hold the sense of the statement to be true in general, but not with regard to scientists never reading each other's work. Even if that were true however, the present essay. would still have been written as a proof of earnestness. This essay outlines my personal view of how nonlinear mathematics may be of value in formulating models outside the physical sciences. This perspective has developed over a number of years during which time I have repeatedly been amazed at how an "accepted" model would fail to faithfully characterize the full range of avail able data because of its implicit or explicit dependence on linear concepts. This essay is intended to demonstrate how linear ideas have come to dominate and therefore limit a scientist's ability to understand any given class of phenomena.

This book reflects the state of the art in nonlinear economic dynamics, providing a broad overview of dynamic economic models at different levels. The wide variety of approaches ranges from theoretical and simulation analysis to methodological study. In particular, it examines the local and global asymptotical behavior of both macro- and micro- level mathematical models, theoretically as well as using simulation. It also focuses on systems with one or more time delays for which new methodology has to be developed to investigate their asymptotic properties. The book offers a comprehensive summary of the existing methodology with extensions to the more complex model variants, since considerations on bounded rationality of complex economic behavior provide the foundation underlying choice-theoretic and policy-oriented studies of macro behavior, which impact the real macro economy. It includes 13 chapters addressing traditional models such as monopoly, duopoly and oligopoly in microeconomics and Keynesian, Goodwinian, and Kaldor–Kaleckian models in macroeconomics. Each chapter presents new aspects of these traditional models that have never been seen before. This work renews the past wisdom and reveals tomorrow's knowledge.

Nonlinear models have been used extensively in the areas of economics and finance. Recent literature on the topic has shown that a large number of series exhibit nonlinear dynamics as opposed to the alternative--linear dynamics. Incorporating these concepts involves deriving and estimating nonlinear time series models, and these have typically taken the form of Threshold Autoregression (TAR) models, Exponential Smooth Transition (ESTAR) models, and Markov Switching (MS) models, among several others. This edited volume provides a timely overview of nonlinear estimation techniques, offering new methods and insights into nonlinear time series analysis. It features cutting-edge research from leading academics in economics, finance, and business management, and will focus on such topics as Zero-Information-Limit-Conditions, using Markov Switching Models to analyze economics series, and how best to distinguish between competing nonlinear models. Principles and techniques in this book will appeal to econometricians, finance professors teaching quantitative finance, researchers, and graduate students interested in learning how to apply advances in nonlinear time series modeling to solve complex problems in economics and finance.