Implications for teaching macroeconomics of complex dynamics

Abstract

The implications for how teach macroeconomics at the undergraduate level of the emergence of the multidisciplinary study of nonlinear complex dynamics are examined. A definition of complex dynamics is presented and a broad review of various applications in macroeconomics is made. Some particular implications are emphasized such as how complex dynamics raise serious doubts about the rational expectations assumption. Several models and approaches are suggested that can be used to make these ideas accessble to students.

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